The FCC's Memorandum Opinion and Order DA-26-471 approved the EchoStar spectrum package on May 13: roughly $17 billion of EchoStar's AWS-3, AWS-4 and H-block holdings to SpaceX, roughly $23 billion to AT&T, and a $2.4 billion escrow condition the company itself called "unprecedented and involuntary." [1] Day eleven of FCC approval closed Friday with the same Akhavan sentence sitting on the EchoStar record from March — "we have a right to it, but we don't have that equity yet" — and no 8-K confirming the SpaceX share transfer, no AT&T spectrum re-allocation filing, no closing-receipt artifact anywhere on EDGAR.

The paper's Friday brief on the day-ten equity print carried EchoStar's own SEC warning that "investor expectations regarding our potential investment in SpaceX may be currently influencing our stock price." [1] Day eleven is the same warning, one trading day later. SpaceX shareholders reportedly approved a 5-for-1 split this week; a June Nasdaq listing at an implied $1.75-$2 trillion mark is the working press number; BlackRock is reported to be weighing a $5-$10 billion commitment. [1] None of those data points has been filed; all of them are priced into SATS at $75.37.

The structural arithmetic the paper has been holding for eleven days has not moved. EchoStar will own roughly 1.9-2% of SpaceX after close — a stake worth approximately $19 billion at a $1 trillion SpaceX, never marked to model on the company's balance sheet. [1] Gamco's May 19 filing disclosed $16.16 million in SATS holdings against that hidden asset. [1] Day eleven is the same accounting gap as day ten with one more weekend attached.

-- THEO KAPLAN, San Francisco