Japan backs Rakuten-AST satellite network with $926M grant

Japan's government is set to provide up to 150 billion yen (about $926 million) over three years to a Rakuten-led consortium building a homegrown low-Earth-orbit satellite network using AST SpaceMobile's direct-to-smartphone technology. Rakuten intends to form a joint venture with AST in 2026 in which the two hold equal stakes with Rakuten leading management, targeting limited service in 2026 and nationwide coverage in fiscal 2027. AST SpaceMobile shares jumped roughly 21% on the June 29 news, their best day in nearly two years.