AST SpaceMobile (NASDAQ: ASTS) took investors on a wild ride after it went public by merging with a special purpose acquisition company (SPAC) on April 7, 2021. The low earth orbit (LEO) satellite developer's stock started trading at $11.63 on the first day, sank to around $2 this April, and skyrocketed to a record high of $38.60 on Aug. 19.

As of this writing, AST's stock trades at about $26 with a market cap of $4.2 billion, which is a whopping 57 times the $73.5 million in revenue it's expected to generate next year. Let's see why investors are paying such a high premium for AST's stock, if that rally is sustainable, and if it can possibly generate millionaire-making gains in the future.

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Source Fool.com