Space mobility specialist AST SpaceMobile (NASDAQ: ASTS) is formalizing ties with partner AT ahead of its commercial launch this summer. That news, along with AST's latest earnings report, has the stock going to the moon.

Shares of AST SpaceMobile were up 34% as of 10:30 a.m. ET after opening as much as 48% higher.

AT and AST SpaceMobile have been working together since 2018, but this new commercial agreement is a big step toward solidifying the partnership and advancing AST's push toward revenue generation. AST plans to launch its initial five satellites into space this summer, which would enable commercial service.

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Source Fool.com