Berenberg reiterates Buy $ASTS

Berenberg on Tuesday reiterated its Buy rating and $92 price target on AST SpaceMobile after citing a Japanese filing at the International Telecommunication Union for a 136-satellite constellation called J-BLUEBIRD-NGSO. The filing appeared in the ITU’s “as received” system under notice ID J2026-83391 and includes a document labeled “J-BLUEBIRD-NGSO_API_Attachments.docx.” The ITU page shows a timestamp of September 4, 2026, for that attachment and lists a total of 136 satellites. (itu.int) (advanced-television.com) The immediate point is not that AST SpaceMobile has announced a new contract. The point is that a Japanese administration filing now exists in the ITU system with a BlueBird-branded network name and a specific satellite count, and Berenberg used that filing in fresh analyst commentary on Tuesday. Japan’s separate J-LEO program has already been linked publicly to AST SpaceMobile and Rakuten through prior reporting on the RAST project structure. ### What exactly showed up in the ITU system? (itu.int) The ITU filing page lists “J-BLUEBIRD-NGSO” as an “as received” satellite network submission and shows “Total number of satellites” as 136. The same page lists an attachment file, a PDF labeled “MICTB731.pdf,” and an MDB database file for the notice. The ITU’s API page says Advance Publication Information is a mandatory procedure under Article 9 of the Radio Regulations for satellite networks not subject to coordination, and that the Bureau publishes the characteristics submitted by administrations. (itu.int) In plain terms, an API filing is an early regulatory step that places a proposed non-geostationary network into the international process. ### Why are investors focused on the number 136? The number 136 matters because it is the first visible public marker in the ITU system of the scale attached to this Japanese BlueBird-branded network. (itu.int) Berenberg highlighted that figure in reiterating its bullish stance on AST SpaceMobile, according to the social post that circulated the note and filing details on Tuesday. Japan’s J-LEO effort had previously been described without final disclosure of satellite count. Advanced Television reported on July 6 that the Communications and Information network Association of Japan had published added detail on the proposed Japan-and-AST scheme, but said the manual still did not disclose the final approved grant amount, number of satellites, launch schedule, ownership structure or financing plan. (itu.int) ### How does this connect to Japan’s J-LEO program? Japan’s J-LEO plan has been tied to AST SpaceMobile and Rakuten through the RAST project. (itu.int) Advanced Television reported that the Japanese subsidy framework contemplated support of as much as ¥148 billion, with government support capped at 50% of eligible pre-tax project costs. Eligible expenses listed in that report included satellites, launch services, launch insurance, ground facilities and regulatory procedures. That is why Berenberg’s reference to potential J-LEO funding drew attention. (advanced-television.com) The funding framework described in Japan could, if finalized, support a large share of the infrastructure needed for a sovereign low-Earth-orbit network, though neither the final grant amount nor AST’s exact economic participation has been publicly detailed in the cited materials. ### Does an ITU filing mean the constellation is approved or funded? An ITU filing does not by itself mean satellites are funded, built or licensed for service. (advanced-television.com) The ITU says API is part of the regulatory procedure for non-geostationary networks, and its broader non-GSO guidance says such systems move through publication, coordination where required, notification and eventual bringing-into-use steps. The filing does show that a Japanese administration has lodged a BlueBird-branded non-GSO notice with the ITU and that the submission carries a September 4, 2026 timestamp. (advanced-television.com) That gives investors a dated regulatory artifact to track, rather than relying only on analyst commentary or social-media screenshots. ### What should people watch next? The next concrete checkpoint is publication in the ITU’s BR IFIC process or additional documents tied to notice J2026-83391. The ITU says API submissions are published by the Bureau as part of the regulatory process for non-GSO networks. (itu.int) Beyond the ITU docket, the next disclosures to watch are any formal statements from Japan, Rakuten, RAST or AST SpaceMobile on funding, ownership, launch schedule and whether the 136-satellite J-BLUEBIRD-NGSO network is the operating shape of the J-LEO project. (itu.int) Advanced Television said those details were still outstanding as of July 6. (advanced-television.com) (itu.int)