May. 15 at 10:30 PM
$SATS
EchoStar (SATS) owns ~3% of SpaceX, currently worth ~
$11B. If SpaceX IPOs at
$1.75T, that stake hits
$52.5B.
Full picture:
• SpaceX stake: +
$52.5B
• Contracted cash (AT&T + SpaceX deals): +
$33.2B
• SpaceX debt coverage: +
$2B
• Gross assets: ~
$87.7B
Minus:
• Total debt: -
$24.6B
• Est. capital gains tax (~21%): -
$11B
• Net asset value: ~
$52B
Current market cap is only ~
$39B — that’s a ~
$13B (25%) discount even after debt and taxes.