- EchoStar’s stock has skyrocketed (about 430% since last year, ~375% in 2025) after selling $17B of wireless spectrum to SpaceX—half cash, half equity—making EchoStar a public-market proxy for SpaceX ahead of its IPO.
- The company went from near-bankruptcy and an FCC probe to a cleaned-up balance sheet and a partnership tying Boost Mobile customers to Starlink, thanks to the spectrum deal.
- Analysts warn this rally may be driven by hype: SpaceX’s IPO target is sky-high vs. more conservative valuations, and EchoStar still faces falling revenue and execution risk.
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