EchoStar executives ponder how to spend billions of dollars from SpaceX

In an abbreviated 4th quarter 2025 earnings call, EchoStar’s Chairman and CEO Charlie Ergen was asked about the two things most on analysts’ minds: What’s going on with EchoStar’s investment in SpaceX? And what’s the deal with EchoStar not paying its wireless vendors? EchoStar’s fortunes are now tied to SpaceX ever since its new division called “EchoStar Capital” was created in November 2025. EchoStar Capital expects to receive about $8.5 billion in cash from SpaceX along with an equity interest in the company, whose value is undetermined at this time, but certainly worth billions. Analysts now view EchoStar Capital as a proxy for SpaceX’s next phase, including its intention to file for an IPO later this year. This connection with SpaceX has caused EchoStar’s stock to rise from about $30 per share in August 2025 to about $121 per share today. Hamid Akhavan, CEO of EchoStar Capital, said that the company was awaiting final regulatory approvals for its spectrum sale and the resulting influx of capital expected during the first half of 2026. “At this time, EchoStar is in the midst of a large-scale positive transformation arising from its vision, long horizon of strategic bets, and decades of diligent execution,” said Akhavan.