New York, June 14, 2026, 14:02 ET
- EchoStar slid 11.0% to $114.08 on Friday, losing ground while SpaceX jumped in its Nasdaq debut.
- The stock trades between hopes around its SpaceX-related stake and pressure from short-term debt.
- Investors are watching for EchoStar to wrap up the AT&T spectrum deal and steer clear of any fallout from its missed June interest payment.
EchoStar Corporation shares on Nasdaq tumbled 11.0% Friday to close at $114.08, after swinging between $106.56 and $131.22 on volume of about 50.2 million, the company’s investor-relations page showed. The selloff stood out as SpaceX grabbed attention with its first day on the market; Reuters said SpaceX jumped 19% to finish at $160.95, and the main indexes all ended positive.
EchoStar has been a public-market proxy for SpaceX, but that trade isn’t as clean now. SpaceX started trading, and with that, some investors dumped EchoStar because they could get SpaceX exposure directly. EchoStar shares dropped 11% on Friday along with other space and satellite stocks, as investors moved out of second-tier names after SpaceX debuted as its own stock, Reuters said.
There’s still a big bull case. EchoStar’s main pitch to investors is its spectrum—licensed airwaves for wireless and satellite—that it’s selling to SpaceX and AT&T. The FCC cleared about $40 billion in sales in May, with $23 billion going to AT&T and $17 billion to SpaceX. EchoStar’s own filings show SpaceX’s amended deal brings total consideration for SpaceX to about $20 billion, including as much as $11 billion in SpaceX Class A common stock.
Some value models still see room to run. Barron’s said analyst Greg Williams had put EchoStar’s NAV at $155 a share. That was before SpaceX IPO trading pushed NAV higher, into the $185 to $190 range. EchoStar last closed at $114.08. Bulls say that gap is key—the SpaceX stake and AT&T deal cash could mean EchoStar trades below asset value.
EchoStar’s move to skip about $183 million in cash interest payments on DISH DBS notes on June 1 kicked off a 30-day grace period, with the non-payment labeled a default. If EchoStar doesn’t pay up, it turns into an “Event of Default,” which could trigger tougher actions from lenders under the debt terms. The company said it held off on the payments to conserve cash while it waits for net closing proceeds of $20.25 billion tied to the AT&T deals. Those deals had sign-offs from regulators but still needed the final FCC order and other closing steps. SEC
Caution still dominates the operating story. EchoStar first-quarter revenue dropped to $3.67 billion, down from $3.87 billion last year, with a net loss of $146.9 million, or 51 cents a share, on the bottom line. Pay-TV subscribers fell by around 366,000, broadband subscribers lost about 58,000, and retail wireless subscriber adds dried up to 16,000 in the quarter. The case for the stock now leans hard on spectrum monetization, not an operating rebound.
The next thing to watch is if EchoStar manages to turn the AT&T spectrum sale into cash before debt problems get worse. If the AT&T deal closes, liquidity improves and default risk eases. If there’s a delay, a surprise FCC condition, or if EchoStar doesn’t fix the missed payments before the grace period ends, SATS stays under pressure. SpaceX’s share price also matters now since it moves sentiment on EchoStar’s planned stock consideration, but liquidity is the pressing issue for the company right now.
EchoStar is looking risky, not just cheap now. The stock could appeal to those betting on SpaceX-related value and AT&T money coming through, but Friday’s selloff points to market concerns over debt, timing and how the deals will get done. For now, with the AT&T deal still pending and interest payments unclear, SATS trades more like a high-volatility special sit than an easy SpaceX play.
