Echostar shares surge 5.44% after-hours after announcing $2.6 billion spectrum sale to SpaceX.

Echostar Corp (SATS) surged 5.44% in after-hours trading following the announcement of a $2.6 billion spectrum license sale to SpaceX and a strategic partnership with AT&T, which signaled a significant shift in the company’s capital structure and operational focus. The deal, coupled with a $16.5 billion non-cash impairment charge, underscored a restructuring effort to streamline operations and unlock value. Additionally, Carl Icahn’s new investment and Citigroup’s raised price target to $87 reinforced investor confidence. Despite a recent rise in short interest (20.59% of float), the stock’s upward move suggested short-covering or optimism around the strategic realignment, as the transaction with SpaceX and leadership changes positioned Echostar to capitalize on 5G growth opportunities. The after-hours rally aligned with positive analyst sentiment and major institutional buying, overshadowing bearish short-term earnings misses.