Space investors are in love with AST SpaceMobile (NASDAQ: ASTS) stock -- and for good reason.

Three years ago, AST broke on the scene as a rather sketchy-looking special purpose acquisition company (SPAC) initial public offering (IPO). It promised to build "the first and only space-based cellular broadband network accessible directly by standard mobile phones," enticing investors with dreams of "five billion mobile subscribers" paying for a "$1 trillion global mobile wireless services market."

The problem was, while the company made big promises, it held its cards close to the vest. When asked for details on how is technology works, AST's only response was "the technology is highly proprietary, and exactly how it works cannot be disclosed." Suffice it to say I was skeptical, and so concluded that "I wouldn't touch this space IPO with a 62-mile pole."

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Source Fool.com