$SATS: $36B Market Cap, ~$53-60B SpaceX Stake & One of the most shorted sp500 stocks

Current numbers:

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Market cap: \~$36B

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Short interest: \~25-30% of float

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Among the most shorted stocks in the S&P 500

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Expected SpaceX ownership: \~262M shares (\~2% of SpaceX)

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SpaceX currently around $2.67T and briefly traded near $3T after-hours yesterday.

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At a $2.67T valuation:

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2% × $2.67T = $53.4B

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At a $3T valuation:

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2% × $3T = $60B

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Meanwhile, the entire market cap of SATS is only \~$36B.

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So the market is effectively saying:

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$53-60B of SpaceX equity

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Hughes

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Boost Mobile

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Remaining spectrum assets

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All other operating assets

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Are collectively worth $36B.

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Bear case is debt, but they're getting cash from $T this month to cover the debt.

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Every increase in SpaceX's valuation widens the gap between SATS' market cap and the value of its expected SpaceX stake.

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Current discount is batshit, like ok there's a tax burden and debt but those can't possibly justify a 50% discount.

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TL;DR

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One of the most shorted stocks in the S&P 500

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Expected SpaceX stake worth \~$53-60B

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Entire company worth \~$36B

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Bears focus on debt

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Bulls focus on SpaceX

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The more SpaceX goes up, the more difficult the current valuation becomes to justify.

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\[CNBC just picked it up\](https://www.cnbc.com/2026/06/16/echostar-is-worth-at-least-161-a-share-because-of-spacex-stake-says-analyst.html)

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Lots of discussion on X. Nothing on WSB.

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I own shares/calls. Not financial advice. Do your own research.