EchoStar's SpaceX payment stock is booked at $212 and trades near $138

Paid in paper at $212

On September 8, 2025, EchoStar▲+1.24% — EchoStar, up 1.24 percent today agreed to sell SpaceX▼−2.57% — SpaceX, down 2.57 percent today its AWS▼−1.16% — AWS, down 1.16 percent today-4 and H-block mobile spectrum licenses for about $17 billion: up to $8.5 billion in cash and up to $8.5 billion in SpaceX stock valued as of signing ¹. That stock was priced at $212 a share in the agreement↗, and the FCC approved the sale in May ². SpaceX came to market in June at $135 ³.

On November 13 the stock traded about 2.2% above the IPO, near $138, roughly a third below the booked $212 ³. EchoStar's annual report puts the second and final payment step around November 30, 2027, so the gap has a year to close or widen ².

The stake rides on AI, not phones

SpaceX's third-quarter revenue reached $14.6 billion↗, and $7.56 billion of it came from renting out AI compute, up from $813 million a year earlier; net income swung to $4.4 billion ⁴. Operating income was $2.8 billion against a $273 million loss a year earlier ⁵.

Two tenants carry the AI segment: AnthropicPVT$350B — Anthropic, private, latest valuation $350B pays $1.25 billion a month through May 2029 and Google $920 million a month, and Anthropic can exit from early 2027 on 90 days' notice ⁴. Musk told the Baron Investment Conference the run rate could pass $100 billion annualized this December and $500 billion by December 2027; the stock rose nearly 15% in two sessions ⁴.

Boost is the hostage

Musk floated a shortcut this week: if SpaceX uses a carrier's spectrum "10 times more effectively," it could "just acquire that legacy telco" ². The ready-made target is Boost Mobile, the business EchoStar kept, which owns no nationwide network and leases capacity from AT&T▼−0.13% — AT&T, down 0.13 percent today and T-Mobile ⁶. Semafor's Rohan Goswami reported that executives at both carriers have separately discussed removing Boost from their networks if SpaceX proceeds with a takeover ⁶.

Buying Boost would buy little else: change-of-control clauses mean SpaceX cannot inherit EchoStar's wholesale deals without carrier approval, and Boost's T-Mobile agreement expires July 1, 2027↗ ⁷. EchoStar sits on both sides of the fight, paid in the rival's paper while owning the rival's target.

December decides

Bloomberg reports a SpaceX-Tesla merger announcement could land as early as December; special committees at SpaceX and Tesla▼−2.61% — Tesla, down 2.61 percent today are working through terms, and no agreement is confirmed ⁸. The combination would need approval from 50% of all outstanding Tesla shares, and incoming Texas Attorney General Nathan Johnson has promised "tremendous scrutiny" ⁹.

The FCC takes public comment in December on SpaceX's purchase of Grain Management's 800 MHz licenses↗, a deal the Wall Street Journal put near $8 billion ¹⁰. The Inference already priced a Tesla merger into SpaceX's bull case on November 2; what changed since is the December timetable and the threat to Boost.

Two December catalysts decide EchoStar's paper: the merger decision and the FCC docket ⁸¹⁰. The later test comes in late January, when SpaceX's fourth-quarter report can be set against Musk's $100 billion December claim ⁴.