AST Shares Surge on Verizon Wireless Deal Rivaling SpaceX (4)

AST SpaceMobile Inc. shares gained by the most ever after Verizon Communications Inc. said it will invest $100 million in a partnership with the satellite communications company intended to challenge Elon Musk’s SpaceX.

Shares of AST rose by a record 69% to close at $9.02. The partnership marks a rare move for Verizon and AT&T, as the two join forces with the same aerospace company in a bid to challenge SpaceX.

WATCH: AST Spacemobile CEO Abel Avellan talks about a new deal with Verizon wireless.

Source: Bloomberg

AST announced a similar agreement with AT&T Inc. two weeks ago. Now with both deals in hand, the Midland, Texas-based company said it will be able ...