i know ast spacemobile (ASTS) isn’t a traditional “value” play and may sound out of place here, but i’m curious how value investors are thinking about it. on one hand, it looks incredibly speculative — pre-profit, capital intensive, execution risk everywhere. on the other hand, if direct-to-cell satellite connectivity actually works at scale, the upside could be massive and today’s valuation may end up looking cheap in hindsight. partnerships with telecom players make it harder to dismiss as pure hype, but dilution risk, cash burn, and whether they can truly commercialize all seem like huge question marks. is this one of those rare asymmetric bets where value can exist before the numbers show up, or is it just venture-style speculation wearing a public market ticker? genuinely asking because i know this sub tends to focus on fundamentals and moats — does asts have the beginnings of one, or is this too early to call investing rather than gambling? would love to hear the bear case too.