EchoStar has emerged as a leading way to get in on the very hot SpaceX initial public offering. On Tuesday, SpaceX filed for the IPO, with pricing expected by the middle of June. The IPO could value SpaceX at $1.5 trillion to $2 trillion.
EchoStar stock has doubled since September, when it swapped some of its wireless spectrum for a 2% stake in Elon Musk’s SpaceX, closing the week at $125. TD Cowen analyst Gregory Williams raised his price target to $155 from $129 a share on May 17. EchoStar sold the spectrum to SpaceX for $11.1 billion of SpaceX stock valued at $212 a share, which Barron’s estimates at 52 million SpaceX shares.
In late 2025, SpaceX was valued close to $450 billion assuming more than two billion shares outstanding. The share count rose with its purchase of Musk-controlled xAI for $250 billion earlier this year. Williams values EchoStar at $155 a share on a sum-of-the-parts basis. At a $1.75 trillion SpaceX valuation, he sets EchoStar’s SpaceX equity stake at $31 billion, or, by Barron’s estimate, some $600 a share. Recent SpaceX private market transactions have reportedly been closer to $650 a share.
EchoStar has spectrum assets, a satellite TV business, and cash. There are risks. EchoStar isn’t a pure SpaceX play and CEO and controlling shareholder Charlie Ergen calls the shots. If SpaceX stock falters, EchoStar could drop. But if Williams is right, there’s more upside for EchoStar, especially if SpaceX rockets to $2 trillion or more.
