{"id":57,"date":"2026-07-16T11:23:56","date_gmt":"2026-07-16T11:23:56","guid":{"rendered":"https:\/\/arenasignals.com\/?p=57"},"modified":"2026-10-07T20:16:17","modified_gmt":"2026-10-07T20:16:17","slug":"ast-spacemobile-report-2026-07-16","status":"publish","type":"post","link":"https:\/\/arenasignals.com\/?p=57","title":{"rendered":"AST SpaceMobile (NASDAQ: ASTS): Building the World\u2019s First Space-Based Broadband Provider"},"content":{"rendered":"
\n
Arena Signals \u2014 Public Company Intelligence \u2014 Direct-to-Device Satellite Broadband \/ Telecom Infrastructure \/ Space Manufacturing<\/div>\n

AST SpaceMobile (NASDAQ: ASTS): Building the World\u2019s First Space-Based Broadband Provider<\/h1>\n

Arena Signals report \u00b7 Direct-to-smartphone broadband \u00b7 BlueBird constellation \u00b7 Global carrier partnerships \u00b7 Published July 15, 2026<\/p>\n

\n
\n
Company<\/div>\n
AST SpaceMobile \u00b7 Midland, Texas<\/div>\n<\/div>\n
\n
Ticker<\/div>\n
NASDAQ: ASTS<\/div>\n<\/div>\n
\n
Share Price at Publication<\/div>\n
US$66.31<\/div>\n
Market data checked July 15, 2026<\/div>\n<\/div>\n
\n
Market Cap<\/div>\n
Approx. US$19.3B<\/div>\n<\/div>\n
\n
Future Company<\/div>\n
Global space-based cellular broadband wholesaler<\/div>\n<\/div>\n
\n
Near-Term Catalyst<\/div>\n
Launch cadence and commercial activation<\/div>\n<\/div>\n
\n
Contracted Commitments<\/div>\n
More than US$1.2B<\/div>\n<\/div>\n
\n
FY2025 Revenue<\/div>\n
US$70.9M<\/div>\n<\/div>\n<\/div>\n
\n
\"Abel<\/p>\n
Abel Avellan<\/div>\n
Founder, Chairman & CEO
\nAST SpaceMobile<\/div>\n<\/div>\n
\n
\u201cWe see the 2027 revenue opportunity approaching $1 billion, comprised of revenue both long-term contracted or highly recurring in nature. We expect this growth to be driven by our scaled network in orbit for cellular broadband service and increasingly scaled use cases for the U.S. government.\u201d<\/div>\n
\u2014 Abel Avellan, Q4 2025 results<\/div>\n<\/div>\n<\/div>\n
\n

01<\/span>What the Company Does \u2014 In Plain English<\/h2>\n

AST SpaceMobile is building cell towers in space that connect directly to ordinary smartphones.<\/strong><\/p>\n

Today, your phone usually stops working when it moves beyond the reach of ground-based cell towers. AST\u2019s BlueBird satellites are designed to fill those gaps by communicating directly with standard iPhones, Android phones and other cellular devices\u2014without a satellite dish, special antenna or new handset.<\/p>\n

AST does not plan to replace AT&T, Verizon, Vodafone or other carriers. It partners with them. When a subscriber loses terrestrial coverage, the carrier can offer AST\u2019s satellite connection through the same phone, number and billing relationship.<\/p>\n

In practical terms, AST is trying to make cellular coverage available in rural areas, mountains, oceans, disaster zones, transportation corridors and emerging markets where building towers is difficult or uneconomic.<\/p>\n<\/div>\n

\n

02<\/span>Why Now<\/h2>\n

The story has moved from \u201cCan the technology work?\u201d toward \u201cCan AST manufacture, launch and commercialize it at scale?\u201d<\/strong><\/p>\n

BlueWalker 3 demonstrated direct voice calls, 4G and 5G connectivity from space to unmodified smartphones. BlueBird 6 then deployed what AST described as the largest commercial communications array ever placed in low Earth orbit, with expected peak speeds materially above 120 Mbps.<\/p>\n

The company generated its first meaningful revenue in 2025, secured more than $1.2 billion of contracted commercial commitments, signed definitive agreements with major carriers, expanded government work and built more than 500,000 square feet of manufacturing capacity.<\/p>\n

The key inflection is launch density. A few satellites prove technology and provide intermittent service. Dozens of satellites begin creating a commercial network with repeated coverage across major markets.<\/p>\n<\/div>\n

\n

03<\/span>Investment Thesis<\/h2>\n
    \n
  • The technology has crossed major validation milestones.<\/strong> AST has demonstrated voice, messaging and broadband directly to ordinary smartphones using carrier spectrum.<\/li>\n
  • The carrier-partner model lowers customer-acquisition friction.<\/strong> Agreements with more than 50 mobile-network operators provide potential access to nearly three billion subscribers.<\/li>\n
  • The addressable problem is enormous.<\/strong> Billions of people experience intermittent or nonexistent cellular broadband, while even developed markets contain large geographic dead zones.<\/li>\n
  • The economic prize is unusually large.<\/strong> Management sees a path to approximately $1 billion of annual revenue in 2027 as commercial service and government programs scale. Longer term, even modest revenue per subscriber across billions of carrier-partner subscribers could create a very large recurring infrastructure business.<\/li>\n
  • Investors are underwriting a network, not a satellite company.<\/strong> The valuation depends on AST becoming the wholesale satellite extension of the global wireless industry rather than selling hardware.<\/li>\n
  • AST is becoming a revenue-generating infrastructure company.<\/strong> Revenue increased to $70.9 million in 2025, supported by gateway deliveries, mobile-operator partners and U.S. Government milestones.<\/li>\n
  • Contracted commitments provide early demand visibility.<\/strong> More than $1.2 billion of partner commitments indicate that carriers are preparing to pay for commercial capacity before full constellation deployment.<\/li>\n
  • Government applications add a second major market.<\/strong> Tactical communications, resilient connectivity and intelligence use cases can generate revenue before consumer coverage becomes continuous.<\/li>\n
  • The mature economics could be extraordinarily attractive.<\/strong> Management\u2019s original model contemplated EBITDA margins above 90% because AST uses carrier-owned spectrum and distribution rather than acquiring each subscriber directly. That remains a long-term aspiration, not current guidance.<\/li>\n
  • The largest risk is execution at industrial scale.<\/strong> AST must manufacture complex satellites, launch them reliably, obtain regulatory approvals, integrate with carrier networks and fund a capital-intensive deployment.<\/li>\n
  • The math that gets investors excited.<\/strong> Management sees the 2027 revenue opportunity approaching $1 billion annually<\/strong>. Longer term, the opportunity becomes much larger if AST captures only a small fraction of the global wireless market through its carrier partners. For illustration, if carrier partnerships ultimately enabled approximately 50 million subscribers<\/strong> generating roughly $3 per month<\/strong> for AST, that would equate to about $1.8 billion of recurring annual revenue<\/strong>. At 100 million subscribers<\/strong>, that figure would rise to roughly $3.6 billion annually<\/strong>. These are illustrative scenarios\u2014not company forecasts\u2014but they help explain why investors view AST as a potential communications infrastructure platform rather than simply a satellite manufacturer.<\/li>\n<\/ul>\n<\/div>\n
    \n

    04<\/span>CEO Playbook<\/h2>\n

    The Mission<\/h3>\n
    \n

    \u201cWe are working hard to ensure that no one becomes a second-class citizen, regardless of where they live or work, because of their lack of access to cellular broadband. For the first time in 2025, AST SpaceMobile became a revenue-generating business and significantly advanced all key aspects of our operations.\u201d<\/p>\n

    \u2014 Abel Avellan, BlueWalker 3 launch<\/p>\n<\/div>\n

    Avellan frames AST as a global infrastructure mission: eliminate geography as the reason a person cannot access modern communications, education, financial services or emergency assistance.<\/p>\n

    The Prize<\/h3>\n
    \n

    \u201cOur definitive commercial agreements with Verizon and stc Group are milestone achievements\u2026as we continue to build long-term commercial relationships with industry leaders around the world, which includes agreements with over 50 MNO partners with nearly three billion subscribers globally.\u201d<\/p>\n

    \u2014 Abel Avellan, Q3 2025 results<\/p>\n<\/div>\n

    Arena Signals analysis:<\/strong> the partner model is central to the economics. AST does not need to build a consumer brand, acquire individual subscribers or purchase terrestrial spectrum in every market. Carrier partners already control the customer relationship, licensed spectrum, billing systems and distribution. AST supplies the space-based coverage layer and shares the resulting economics.<\/p>\n

    The Edge<\/h3>\n
    \n

    \u201cAchieving what many once considered impossible, we reached a pivotal milestone in our quest to deliver global cellular broadband from space.\u201d<\/p>\n

    \u2014 Abel Avellan, after the first direct-to-smartphone voice call<\/p>\n<\/div>\n

    Arena Signals analysis:<\/strong> AST is not building a messaging-only satellite service. Its large phased-array satellites are intended to function as broadband cellular towers in orbit, using carrier spectrum to communicate with ordinary, unmodified phones. The moat rests on architecture, patents, spectrum partnerships, regulatory work and the manufacturing knowledge required to repeatedly deploy very large commercial arrays.<\/p>\n

    The economic prize:<\/strong> management\u2019s original model argued that the wholesale structure could eventually produce unusually high margins because AST does not need to acquire subscribers directly or own terrestrial spectrum.<\/p>\n

    \n

    \u201cWe had a very flexible and scalable super-wholesale business model\u2026very little or no customer acquisition cost, we don\u2019t need to own our own spectrum, and through our wholesale agreements, we get access to billions of subscribers. That allowed us to be in the 90-plus percent of EBITDA margin.\u201d<\/p>\n

    \u2014 Abel Avellan, December 2020 public-listing presentation<\/p>\n<\/div>\n

    Important context:<\/strong> this was the company\u2019s original long-term model from 2020, not current margin guidance. The logic remains central to the bull case: after the satellites and ground infrastructure are deployed, adding subscribers should require limited customer-acquisition spending because the mobile operators provide distribution, spectrum and billing. Whether AST can ultimately approach those margins will depend on launch replacement costs, network operations, partner economics and actual usage.<\/p>\n

    The Proof<\/h3>\n
    \n

    \u201cFor the first time in 2025, AST SpaceMobile became a revenue-generating business and significantly advanced all key aspects of our operations.\u201d<\/p>\n

    \u2014 Abel Avellan, Q4 2025 results<\/p>\n<\/div>\n

    The evidence now extends beyond laboratory tests. AST delivered gateways across five continents, generated government and carrier revenue, secured commercial prepayments and progressed multiple satellites through production and launch.<\/p>\n

    The Next Move<\/h3>\n
    \n

    \u201cWe expect to scale from initial commercial activation toward the start of broader commercial service.\u201d<\/p>\n

    \u2014 Abel Avellan, Q4 2025 results<\/p>\n<\/div>\n

    The next move is sustained launch cadence: build enough satellites to provide useful intermittent coverage, then expand toward continuous service in the United States, Europe, Japan and other strategic markets.<\/p>\n<\/div>\n

    \n

    05<\/span>CEO Signals Timeline<\/h2>\n

    The last four quarters show the story progressing from network preparation to signed commercial demand and early deployment.<\/p>\n

    \n
    \n
    Q2 2025<\/div>\n
    \n
    \n

    \u201cWe are entering a new phase as we prepare for commercial service and accelerate manufacturing.\u201d<\/p>\n<\/div>\n

    Signal:<\/strong> Technology validation was giving way to production, gateways, launch procurement and carrier integration.<\/p>\n<\/div>\n<\/div>\n

    \n
    Q3 2025<\/div>\n
    \n
    \n

    \u201cCommercial activity has significantly accelerated, demonstrating robust demand for our solution across the ecosystem.\u201d<\/p>\n<\/div>\n

    Signal:<\/strong> Verizon and stc definitive agreements helped move the story from memoranda and strategic partnerships toward contracted economics.<\/p>\n<\/div>\n<\/div>\n

    \n
    Q4 2025<\/div>\n
    \n
    \n

    \u201cIn 2026, we expect to scale our space-based direct-to-device network from initial commercial activation toward broader commercial service.\u201d<\/p>\n<\/div>\n

    Signal:<\/strong> Revenue reached $70.9 million, commitments exceeded $1.2 billion and the company set a goal of 45\u201360 satellites in orbit by year-end 2026.<\/p>\n<\/div>\n<\/div>\n

    \n
    Q1 2026<\/div>\n
    \n
    \n

    \u201cOur manufacturing, launch and commercial activities are converging as we move toward scaled service.\u201d<\/p>\n<\/div>\n

    Signal:<\/strong> BlueBird 7 launched, additional satellites entered the launch queue and management maintained its focus on commercial activation, contracted revenue and manufacturing scale.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

    \n

    06<\/span>Financial Transformation<\/h2>\n

    AST remains a capital-intensive development company, but the financial profile is changing rapidly as revenue, contracted commitments and liquidity expand.<\/p>\n

    \n\n\n\n\n\n\n\n\n
    Metric<\/th>\nFY2023<\/th>\nFY2024<\/th>\nFY2025<\/th>\n<\/tr>\n<\/thead>\n
    Revenue<\/strong><\/td>\nMinimal<\/td>\nEarly-stage<\/td>\n$70.9M<\/strong><\/td>\n<\/tr>\n
    Contracted commercial commitments<\/strong><\/td>\nN\/A<\/td>\nDeveloping<\/td>\n$1.2B+<\/strong><\/td>\n<\/tr>\n
    Cash \/ restricted cash \/ liquidity<\/strong><\/td>\nBuild phase<\/td>\nExpanded<\/td>\n$3.9B pro forma<\/strong><\/td>\n<\/tr>\n
    Commercial network status<\/strong><\/td>\nTechnology tests<\/td>\nInitial BlueBirds<\/td>\nInitial activation<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

    Q1 2026 balance-sheet caution:<\/strong> AST continued to use equity and convertible financing to fund spectrum rights, satellite production and launches. Class A shares outstanding increased materially year over year, and the company reported a large net loss driven partly by non-cash and financing-related items.<\/p>\n

    What the numbers say:<\/strong> AST has substantially reduced near-term financing risk, but investors should expect continuing capital consumption and potential dilution until recurring commercial service generates enough cash to support constellation expansion.<\/p>\n<\/div>\n

    \n

    07<\/span>Upcoming Catalysts<\/h2>\n
    \n\n\n\n\n\n\n\n\n\n\n
    Catalyst<\/th>\nTiming<\/th>\nWhy It Could Move the Stock<\/th>\nImpact<\/th>\n<\/tr>\n<\/thead>\n
    Additional BlueBird launches<\/strong><\/td>\nEvery 1\u20132 months targeted<\/td>\nEach successful mission increases coverage capacity and reduces uncertainty around constellation deployment.<\/td>\n\u2b50\u2b50\u2b50\u2606\u2606<\/td>\n<\/tr>\n
    Commercial service activation<\/strong><\/td>\n2026<\/td>\nThe first paying subscriber traffic would validate the wholesale model and begin the transition toward recurring revenue.<\/td>\n\u2b50\u2b50\u2b50\u2606\u2606<\/td>\n<\/tr>\n
    AT&T and Verizon rollout<\/strong><\/td>\n2026 onward<\/td>\nU.S. activation would demonstrate carrier integration at national scale.<\/td>\n\u2b50\u2b50\u2b50\u2b50\u2606<\/td>\n<\/tr>\n
    45\u201360 satellites in orbit<\/strong><\/td>\nTargeted by year-end 2026<\/td>\nReaching the target would materially improve service continuity across key markets.<\/td>\n\u2b50\u2b50\u2b50\u2b50\u2606<\/td>\n<\/tr>\n
    Government and defense expansion<\/strong><\/td>\nOngoing<\/td>\nThe $30 million Space Development Agency HALO Europa prime contract and additional awards could establish AST as a direct government contractor and create recurring non-consumer revenue.<\/td>\n\u2b50\u2b50\u2b50\u2b50\u2606<\/td>\n<\/tr>\n
    Revenue guidance delivery<\/strong><\/td>\nFY2026<\/td>\nGrowing partner and government revenue would show that contracted commitments are converting into reported sales.<\/td>\n\u2b50\u2b50\u2b50\u2b50\u2b50<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n
    \n

    08<\/span>News Flow<\/h2>\n
    \n\n\n\n\n\n\n\n\n\n\n\n\n
    Date<\/th>\nHeadline & What It Signals<\/th>\nType<\/th>\nWeight<\/th>\n<\/tr>\n<\/thead>\n
    Jun 17 2026<\/td>\nBlueBird 8\u201310 mission activity.<\/strong>
    \nDemonstrates the shift toward multi-satellite launch cadence and larger production batches.<\/td>\n    		Launch<\/td>\n\u2605\u2605\u2605\u2605\u2605<\/td>\n<\/tr>\n
    May 11 2026<\/td>\nQ1 business update.<\/strong>
    \nManagement highlighted manufacturing scale, more than $1.2 billion of commitments and progress toward commercial service.<\/td>\n    		Financial<\/td>\n\u2605\u2605\u2605\u2605\u2605<\/td>\n<\/tr>\n
    Apr 19 2026<\/td>\nBlueBird 7 launched.<\/strong>
    \nAdds next-generation capacity and keeps the 2026 launch campaign moving.<\/td>\n    		Launch<\/td>\n\u2605\u2605\u2605\u2605\u2605<\/td>\n<\/tr>\n
    Mar 2 2026<\/td>\nFY2025 revenue reaches $70.9 million.<\/strong>
    \nAST became a meaningful revenue-generating company and reported over $1.2 billion of contracted commitments.<\/td>\n    		Financial<\/td>\n\u2605\u2605\u2605\u2605\u2605<\/td>\n<\/tr>\n
    Mar 2026<\/td>\nBlueBird 6 array fully deployed.<\/strong>
    \nValidated the largest and most powerful commercial communications array design in the program.<\/td>\n    		Technology<\/td>\n\u2605\u2605\u2605\u2605\u2605<\/td>\n<\/tr>\n
    Nov 10 2025<\/td>\nVerizon and stc definitive agreements.<\/strong>
    \nMoved commercial demand from strategic intent toward contractual commitments and prepayments.<\/td>\n    		Commercial<\/td>\n\u2605\u2605\u2605\u2605\u2605<\/td>\n<\/tr>\n
    Oct 8 2025<\/td>\nVerizon agreement targets U.S. geographic coverage.<\/strong>
    \nCreates a path to serve both leading U.S. wireless ecosystems.<\/td>\n    		Partnership<\/td>\n\u2605\u2605\u2605\u2605\u2605<\/td>\n<\/tr>\n
    2025<\/td>\nVodafone SatCo and European expansion.<\/strong>
    \nBuilds a unified commercial structure for direct-to-device service across Europe.<\/td>\n    		Expansion<\/td>\n\u2605\u2605\u2605\u2605<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n
    \n

    09<\/span>The Debate<\/h2>\n
    \n
    \n

    Bull Case<\/h3>\n
      \n
    • AST has demonstrated broadband connectivity to ordinary smartphones.<\/li>\n
    • Carrier partnerships provide access to nearly three billion subscribers.<\/li>\n
    • More than $1.2 billion of contracted commitments validates demand.<\/li>\n
    • Large satellites may deliver materially greater broadband capacity than messaging-focused competitors.<\/li>\n
    • Government and commercial markets diversify the revenue opportunity.<\/li>\n
    • Manufacturing and launch activity are now scaling.<\/li>\n
    • The current valuation already prices in substantial execution success, leaving less room for error if launches, commercialization or adoption are delayed.<\/li>\n<\/ul>\n<\/div>\n
      \n

      Bear Case<\/h3>\n
        \n
      • The valuation assumes substantial future commercial success.<\/li>\n
      • Launch failures or satellite deployment problems could delay coverage.<\/li>\n
      • The constellation requires billions of dollars of continuing capital.<\/li>\n
      • Equity and convertible financing create dilution risk.<\/li>\n
      • Regulatory and spectrum approvals differ by country.<\/li>\n
      • Competition from SpaceX and other direct-to-device systems is intense.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n
        \n

        10<\/span>Questions for Management<\/h2>\n
          \n
        1. How many satellites are required for commercially useful intermittent service in the United States?<\/li>\n
        2. How many are required for continuous service?<\/li>\n
        3. What launch cadence is achievable through the remainder of 2026?<\/li>\n
        4. What percentage of contracted commitments is expected to convert into revenue during 2026 and 2027?<\/li>\n
        5. How will revenue sharing work with major mobile-network operators?<\/li>\n
        6. What subscriber pricing and usage assumptions support the long-term model?<\/li>\n
        7. What is the current satellite manufacturing cost, and how quickly can it decline?<\/li>\n
        8. How much additional capital is required to reach continuous coverage in major markets?<\/li>\n
        9. How should investors compare AST\u2019s broadband capacity with competing direct-to-device systems?<\/li>\n
        10. What milestones would demonstrate that the network has moved from deployment risk to repeatable commercial economics?<\/li>\n<\/ol>\n<\/div>\n
          Sources:<\/strong> AST SpaceMobile Q2 and Q3 2025, Q4 2025 and Q1 2026 results and presentations; 2025 Form 10-K and Q1 2026 Form 10-Q; AST SpaceMobile official newsroom and investor relations materials; Verizon, stc, Vodafone and U.S. Government announcements; current market data. Direct quotations are kept brief; surrounding analysis is original Arena Signals commentary. This report is for informational purposes only and is not investment advice.<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

          Arena Signals \u2014 Public Company Intelligence \u2014 Direct-to-Device Satellite Broadband \/ Telecom Infrastructure \/ Space Manufacturing AST SpaceMobile (NASDAQ: ASTS): Building the World\u2019s First Space-Based Broadband Provider Arena Signals report \u00b7 Direct-to-smartphone broadband \u00b7 BlueBird constellation \u00b7 Global carrier partnerships \u00b7 Published July 15, 2026 Company AST SpaceMobile \u00b7 Midland, Texas Ticker NASDAQ: ASTS Share […]<\/p>\n","protected":false},"author":1,"featured_media":58,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"arena_status":[2],"arena_format":[4],"class_list":["post-57","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-space","arena_status-public","arena_format-report"],"_links":{"self":[{"href":"https:\/\/arenasignals.com\/index.php?rest_route=\/wp\/v2\/posts\/57","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/arenasignals.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/arenasignals.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/arenasignals.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/arenasignals.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=57"}],"version-history":[{"count":2,"href":"https:\/\/arenasignals.com\/index.php?rest_route=\/wp\/v2\/posts\/57\/revisions"}],"predecessor-version":[{"id":138,"href":"https:\/\/arenasignals.com\/index.php?rest_route=\/wp\/v2\/posts\/57\/revisions\/138"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/arenasignals.com\/index.php?rest_route=\/wp\/v2\/media\/58"}],"wp:attachment":[{"href":"https:\/\/arenasignals.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=57"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/arenasignals.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=57"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/arenasignals.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=57"},{"taxonomy":"arena_status","embeddable":true,"href":"https:\/\/arenasignals.com\/index.php?rest_route=%2Fwp%2Fv2%2Farena_status&post=57"},{"taxonomy":"arena_format","embeddable":true,"href":"https:\/\/arenasignals.com\/index.php?rest_route=%2Fwp%2Fv2%2Farena_format&post=57"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}