Bank Hints at EchoStar Selling Billions in Spectrum

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Deutsche Bank upgraded EchoStar’s share price target to $102 from $67 after the firm struck a deal with SpaceX. The deal saw SpaceX purchase spectrum from EchoStar for $17 billion, causing EchoStar’s shares to surge by 19.9% the day after. This move could add significantly to the company’s after-tax spectrum value.

EchoStar Has Roughly $11.6 Billion of Spectrum Left in Its Portfolio, Says Deutsche Bank

EchoStar’s stock continued its upward trend and was up by about 3% in premarket trading today. The deal with SpaceX also sent shockwaves through the telecommunications industry, expanding the space for SpaceX to operate.

SpaceX is a leading launch services provider, primarily focusing on Starlink, the world’s largest low Earth orbit internet service. It also partners with T-Mobile for direct-to-cellular capabilities.

T-Mobile’s shares fell 3.9% yesterday due to this partnership. Verizon and AT&T closed at 2.4% and 2.3% lower, respectively.

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October 8, 2025

Deutsche Bank believes that leasing terrestrial mobile rights from SpaceX could help defray the hefty satellite spectrum purchase price. EchoStar has roughly $11.6 billion worth of spectrum left in its portfolio, with AWS-3 valued at $9.9 billion. The bank expects EchoStar to next announce a transaction selling AWS-3, likely packaged with 700 MHz and CBRS.

Verizon is considered the most probable buyer for AWS-3 given its spectrum deficit compared to AT&T and T-Mobile, and its strong retail and wholesale subscriber base.