Our Core Satellite & Space index was up +6% in May, outperforming the S&P 500 which saw a gain of +5% and the MSCI Global (ex.-U.S.) index which saw a gain of +4%.​
 Venture financing activity saw a slight uptick in the month whereas M&A transaction activity slowed. There were 12 announced private financings, no announced public equity financings, and two M&A transactions announced in the month.​
AST SpaceMobile shares soared +274% in May after the company completed its definitive commercial agreement with AT&T in mid-May followed in late May by inking partnership with Verizon that includes a $100M commitment ($65M in commercial prepayments and a $35M investment in convertible notes). With these partnerships, AST now has relationships for direct-to-device with each of the two largest U.S MNOs.​