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 continuous service in the US, Europe, Japan, and other strategic markets, including the U.S. Government,” CEO Abel Avellan said in the report. “We also have planned orbital launches every one to two months on average during 2025 and 2026.”

AST SpaceMobile currently has six satellites in orbit, used for both commercial and government applications. The company plans to deploy service in the U.S. by the end of the year, followed by the U.K., Japan and Canada in the first quarter of 2026.

Avellan added that AST SpaceMobile plans to launch satellites every one to two months to reach its goal of 45 to 60 by next year.

With Monday’s announcement, the company joins the growing race to build broadband service in space, with notable player SpaceX currently boasting more than 8,000 Starlink satellites in orbit. Other rivals in the space include Globalstar, backed by Apple, and Project Kuiper, backed by Amazon.