AST SpaceMobile announced in April 2023 that the startup had made its first voice call with a standard smartphone using its BlueWalker 3 test satellite in low Earth orbit. Credit: AST SpaceMobile

TAMPA, Fla. — AST SpaceMobile’s shares closed up more than 68% after announcing a revenue-sharing deal with AT&T, which plans to use its proposed direct-to-device satellites to keep smartphones connected in cellular dead zones.

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Jason Rainbow writes about satellite telecom, finance and commercial markets for SpaceNews. He has spent more than a decade covering the global space industry as a business journalist. Previously, he was Group Editor-in-Chief for Finance Information Group,...