EchoStar's stock soared 5.06% during Wednesday's intraday trading session.
The surge comes after reports that Elon Musk's SpaceX has confidentially filed for an initial public offering, boosting shares of companies with exposure to the space industry. EchoStar, which owns SpaceX stock, benefited from the positive sentiment surrounding space-related investments.
Other space companies also saw gains, with Intuitive Machines, Planet Labs, and Howmet Aerospace climbing between 3% and 9.1%, while space-focused ETFs rose over 5%.
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