The FCC approved the EchoStar-SpaceX-AT&T spectrum package on May 13 — Memorandum Opinion and Order DA-26-471, combined deal value approximately $40 billion, with EchoStar required to set up a $2.4 billion escrow against unresolved tower-company disputes. [1] Day ten of FCC approval closed Friday with EchoStar's own response still on the books: "We are analyzing this requirement and evaluating next steps." [1] No 8-K confirming the SpaceX share transfer, no AT&T side filing on the AWS-3 spectrum re-allocation, no closing-receipt artifact.
The paper's Thursday brief on the day-nine equity print carried EchoStar Capital CEO Hamid Akhavan's March line: "We have a right to it, but we don't have that equity yet." Day ten is the same sentence dated one calendar tick later. SpaceX shareholders reportedly approved a 5-for-1 stock split this week; SpaceX is targeting a June Nasdaq listing at a $1.75T-$2T implied valuation; BlackRock has explored a $5B-$10B commitment. [1] None of those data points is filed; all of them are priced into SATS.
EchoStar's own SEC filing warned that "investor expectations regarding our potential investment in SpaceX may be currently influencing our stock price." [1] The warning has not been retired. SATS remains a retail proxy for a private company at an implied $2T mark, priced off a stake EchoStar has not yet received and an escrow condition the company has not yet resolved.
Day ten is the same gap as day nine, with one more trading day attached.
-- THEO KAPLAN, San Francisco