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Satellite designer AST SpaceMobile said it's preparing to deploy nearly five dozen satellites to power cellular-based broadband networks, a move that establishes the company as a rival to Elon Musk 's dominant SpaceX.

The company, based in Texas, released its second-quarter earnings after the bell on Monday, reporting that its satellites are fully funded and preparing for deployment with more than $1.5 billion on its balance sheet.

Shares of the space company surged more than 10% on the news on Tuesday. The stock is up more than 140% year to date in what's been a boom for space broadband technology.

"We are confirming our fully-funded plan to deploy 45 to 60 satellites into orbit by 2026 to support con

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