SATS / SPCX Arbitrage Calculator

Live Quotes

SATS · EchoStar Corp

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SPCX · Space Exploration Technologies

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Quotes refresh automatically every 60 seconds during market hours. Drag a slider to test your own scenario; hit “snap to live” to track the market again.

Scenario Inputs

SATS share price MANUAL $114.08

$60your $92 downside target ↓ is on this slider$180

SPCX share price (projection) MANUAL $160.95

$80IPO price: $135$400

The Arb

Effective price paid per SPCX share via SATS

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SpaceX value per SATS share

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0.905 SPCX per SATS share

Discount / premium to SPCX

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vs. buying SPCX directly

Implied NAV per SATS share

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SpaceX stake + stub value

Upside to NAV

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if discount closes fully

Total stake value

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262.2M SPCX shares

Discount in dollars

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per SATS share vs implied NAV

Advanced assumptions

Value of non-SpaceX assets per SATS share (the "stub": AT&T cash, Boost, DISH TV, Hughes, retained spectrum, minus remaining debt, taxes, and up to ~$2.9B of Auction 113 re-auction exposure, roughly $10/share) $/share

Haircut to SPCX share count (Seller Notes gap if the payoff exceeds $8.5B, creditor claims, or pledges before the 2027 delivery) %

Use diluted SATS share count (+58M shares from convertible notes)

Defaults are deliberately conservative: stub = $0 means you're valuing Boost Mobile, DISH TV, Hughes, the $20.25B net AT&T cash, and remaining debt at a combined net zero. Set your own number. Base figures: 262,187,213 SPCX shares owed (SpaceX S-1 / A&R LPA, $11.117B at $42.40 post-split), 289,813,488 SATS shares outstanding (Q1 2026 10-Q). Shares deliver at the Spectrum Acquisition Closing, targeted ~Nov 30, 2027 (SpaceX may accelerate). Key risks: EchoStar skipped a $183M interest payment on the DISH DBS notes on June 1, 2026 and is using the 30-day cure window while it waits on the AT&T closing cash; the SPCX shares arrive as restricted stock.