Stock Markets May 12, 2026 05:03 PM

FCC Signs Off on EchoStar’s $40 Billion Spectrum Sale to SpaceX and AT&T

Regulators approve transfer with construction mandates, waivers for satellite-terrestrial use and an escrow requirement

By Avery Klein T SATS

The Federal Communications Commission approved EchoStar’s $40 billion sale of wireless spectrum assets to SpaceX and AT&T. Under the deal, AT&T will pay $23 billion for roughly 50 MHz to bolster its 5G footprint, while SpaceX will acquire 65 MHz for $17 billion to expand Starlink’s device-to-device capabilities. The FCC attached conditions including accelerated build obligations for AT&T, waivers enabling terrestrial and space-based use for SpaceX, and a $2.4 billion escrow from EchoStar.

FCC Signs Off on EchoStar’s $40 Billion Spectrum Sale to SpaceX and AT&T
T SATS

Key Points

  • AT&T will pay $23 billion for approximately 50 MHz of EchoStar’s nationwide spectrum - 30 MHz mid-band and 20 MHz low-band - to support its 5G network and expand coverage.
  • SpaceX will acquire 65 MHz for $17 billion to develop Starlink’s device-to-device services, with waivers permitting terrestrial, space-based and hybrid use of the spectrum.
  • Regulatory conditions include an accelerated construction schedule for AT&T, a $2.4 billion escrow from EchoStar to cover potential disputes, and a hybrid MVNO arrangement to maintain Boost Mobile operations.

WASHINGTON - The Federal Communications Commission on Tuesday authorized EchoStar’s $40 billion divestiture of wireless spectrum, approving separate purchases by SpaceX and AT&T while imposing a set of regulatory conditions on the parties.

Under the approved transactions, AT&T will acquire about 50 megahertz of EchoStar’s nationwide spectrum for $23 billion. That allocation comprises 30 MHz of mid-band spectrum and 20 MHz of low-band spectrum, which the FCC said is intended to support AT&T’s 5G network and expand coverage, particularly across rural and underserved areas.

SpaceX will buy 65 megahertz for $17 billion to advance Starlink’s device-to-device offering. The commission granted SpaceX exclusive-use rights to the purchased spectrum for its device-to-device service and provided waivers to accommodate the intersection of wireless and satellite broadband technologies. The approval allows SpaceX to deploy the spectrum in terrestrial, space-based and hybrid network configurations.

The FCC also required that AT&T and EchoStar establish a hybrid Mobile Virtual Network Operator arrangement to keep Boost Mobile operating, according to the commission’s announcement.


Regulatory conditions and protections

In addition to the spectrum allocations, the FCC imposed construction and financial conditions. The agency mandated that AT&T complete network buildout years earlier than the carrier had originally planned and faster than standard post-auction construction obligations. Separately, EchoStar must place $2.4 billion into an escrow account to cover potential liabilities tied to disputes over work performed under the licenses.

The commission also approved waivers tailored to SpaceX’s role as a satellite broadband operator seeking to integrate terrestrial services, enabling the company to pursue hybrid architectures that combine space-based and ground-based elements.


Context included in the commission’s record

The FCC’s action follows public developments earlier this year: in June, President Donald Trump urged EchoStar and FCC Chairman Brendan Carr to reach an agreement regarding the company’s wireless spectrum licenses. The record also notes that DirecTV terminated its agreement to acquire EchoStar’s satellite television business in 2024 after a debt-exchange offer failed.

The commission’s approval finalizes the transfers while attaching conditions designed to accelerate deployment and mitigate potential disputes tied to the licenses.

Risks

  • EchoStar must fund a $2.4 billion escrow to address possible claims related to work under the licenses, creating a financial contingency tied to disputes - this impacts corporate finance and legal exposure for EchoStar.
  • The FCC required AT&T to accelerate network construction years ahead of its original timeline, increasing execution risk and near-term deployment pressure for the carrier and its 5G rollout plans.
  • SpaceX’s use of waivers to enable hybrid terrestrial and satellite deployments could raise regulatory and technical integration uncertainties as the company deploys device-to-device services.

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