New Street Research - EchoStar Corporation Class A (SATS) SATS and SpaceX: Quick Policy Perspective

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New Street Research

Blair Levin

EUR 8538.00 For Business Accounts Only

SATS and SpaceX: Quick Policy Perspective

This morning SATS announced that it had entered into a definitive agreement with SpaceX to sell the company's AWS-4 and H-block spectrum licenses for approximately $17 billion for SpaceX to fund an aggregate of approximately $2 billion of cash interest payments payable on EchoStar debt through November of 2027. Further, SpaceX and EchoStar will enter into an agreement to enable EchoStar's Boost Mobile subscribers to access Starlink’s Direct to Cell service. In this note, we quickly analyze the policy process going forward.

08/09/2025 1 EN

Underlying

EchoStar Corporation Class A

EchoStar is a holding company. Through its subsidiaries, the company is a global provider of broadband satellite technologies, broadband internet services for home and small office customers, satellite operations and satellite services. The company operates in two business segments: Hughes, which provides broadband satellite technologies and broadband internet services and broadband network technologies, managed services, equipment, hardware, satellite services and communications solutions; and EchoStar Satellite Services, which uses certain of the company's owned and leased in-orbit satellites and related licenses to provide satellite service operations and satellite services.

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US2787681061 NASDAQ Stock Market United States

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New Street Research

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

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Pan European Telecom Services and Cable

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Analysts

Blair Levin

Other Reports on these Companies

New Street Research

SpaceX Buys AWS-4 and PCS H-Block from EchoStar

EchoStar announced that it is selling its AWS-4 and PCS H-Block spectrum to SpaceX for a total of $19BN, including $8.5BN of cash, $8.5BN of stock in SpaceX, and $2BN of interest payments payable to EchoStar. According to SpaceX, the purchase agreement also covers EchoStar’s global MSS licenses.

EUR 8538.00

5h / 42m 5h / 42m 1 EN

New Street Research

EchoStar Spectrum Sales: Implications for Industry FWA Capacity

In the wake of EchoStar selling spectrum to AT&T, we have updated our FWA capacity model on the assumption that all of the company’s spectrum eventually ends up with the big three carriers. We now expect the industry to have capacity for almost 22MM residential FWA subscribers, up from 19.5MM before.

EUR 8538.00

September 4, 2025 September 4, 2025 1 EN

Tesla CEO package: Outside of common norms, but sensible and credible

Last week, Tesla’s board proposed a compensation package for CEO and largest shareholder Elon Musk that stands out for its scale, structure, and ambition. Does it make sense for shareholders? We provide a useful perspective, on a single slide. Tesla CEO package: Out of common norms, but sensible and credible

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Philip Burnett

Philip Burnett

SpaceX Buys AWS-4 and PCS H-Block from EchoStar

EUR 8538.00

5h / 42m 5h / 42m 1 EN

Vikash Harlalka

Vikash Harlalka

BEAD: Funding wins and investments by operator

In this note on BEAD, we summarize the funding wins so far for each operator along with the matching investment they are expected to make based on the cost estimates of each state. Based on the state estimates, they are contributing 63% of the estimated build costs and the operators are expected to invest 37% of the cost. The share of investments needed varies depending on the operator, and in some cases may be lower than estimated.

6h / 15m 6h / 15m 1 EN

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SATS and SpaceX: Quick Policy Perspective

SpaceX Buys AWS-4 and PCS H-Block from EchoStar

EchoStar Spectrum Sales: Implications for Industry FWA Capacity

Tesla CEO package: Outside of common norms, but sensible and credible

SpaceX Buys AWS-4 and PCS H-Block from EchoStar

BEAD: Funding wins and investments by operator

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