SATS· 交易机会 · Trading Opportunity

FY2025全年营收约$150亿超预期、Q4营收约$38亿超华尔街共识、Pay-TV与宽带用户流失速度显著放缓、SpaceX持仓估算约$250亿较成本增值近三倍、AT&T与SpaceX频谱交易完成后净现金约$127亿、SpaceX与xAI合并估值约$1.25兆、SpaceX 2026年中IPO路径Bloomberg报道已启动目标估值约$1.5兆、NAV独立估算约$160至$180——AT&T与SpaceX频谱交易仍待监管批准、Q4 GAAP每股亏损超预期主要来自非现金减值、核心业务营收同比持续下降：今天约$107的股价较独立NAV估算折价约35%至45%——SpaceX IPO是最清晰的单一价值解锁催化剂，距Bloomberg报道的IPO窗口不到四个月，今天是折价参与SpaceX上市前最后建仓机会的关键窗口

FY2025 full-year revenue of about $15 billion beat expectations, Q4 revenue of about $3.8 billion exceeded Wall Street consensus, the pace of Pay-TV and broadband subscriber losses slowed significantly, the estimated value of the SpaceX stake is about $25 billion, nearly tripling from cost, net cash after the completion of the AT&T and SpaceX spectrum transaction is about $12.7 billion, the combined valuation of SpaceX and xAI is about $1.25 trillion, Bloomberg reported that the path toward a mid-2026 SpaceX IPO has already begun with a target valuation of about $1.5 trillion, and independent NAV estimates are about $160 to $180 — the AT&T and SpaceX spectrum transaction still awaits regulatory approval, Q4 GAAP loss per share came in worse than expected mainly due to non-cash impairment, and core business revenue continues to decline year-over-year: today’s stock price of about $107 trades at about a 35% to 45% discount to independent NAV estimates — a SpaceX IPO is the clearest single value-unlocking catalyst, and with less than four months until Bloomberg’s reported IPO window, today is the key window for the final chance to build a position at a discount before SpaceX goes public.

今天SATS的本质，只有一件事。

There is only one essence to SATS today.

以约$107的价格，间接持有估值约$1兆的SpaceX与xAI合并体约2.5%的股权——同时附送净现金约$127亿与每季度约$35亿至$40亿营收的传统电信业务现金流垫底。

At a price of about $107, you are indirectly holding about a 2.5% stake in the combined SpaceX and xAI entity valued at about $1 trillion — while also getting net cash of about $12.7 billion and the cash flow cushion of a traditional telecom business generating about $3.5 billion to $4.0 billion in quarterly revenue.

2026年初，EchoStar发布全年财报。营收约$150亿超预期，Q4营收约$38亿超共识，Pay-TV与宽带用户流失速度显著放缓。数字本身并不令人震撼——但这家公司的真实价值从来就不在这些数字里。

At the beginning of 2026, EchoStar released its full-year earnings report. Revenue of about $15 billion beat expectations, Q4 revenue of about $3.8 billion exceeded consensus, and the pace of Pay-TV and broadband subscriber losses slowed significantly. The numbers themselves are not stunning — but the true value of this company has never been in those numbers.

独立分析师NAV估算约$160至$180，华尔街平均目标价约$129，而今天的股价约$107。

Independent analyst NAV estimates are about $160 to $180, Wall Street’s average target price is about $129, while today’s stock price is about $107.

这个折价有一个明确的时间边界：Bloomberg报道SpaceX 2026年中IPO路径已启动，目标估值约$1.5兆。距今不到四个月。SpaceX一旦上市，SATS持有的约2.5%股权将获得公开市场定价，今天约35%至45%的折价将面临系统性压缩。

This discount has a clear time boundary: Bloomberg reported that the path to a mid-2026 SpaceX IPO has already started, with a target valuation of about $1.5 trillion. That is less than four months away. Once SpaceX goes public, the approximately 2.5% stake held by SATS will receive public market pricing, and today’s discount of about 35% to 45% will face systematic compression.

市场今天用传统电信业务的衰退指标为SATS定价，却几乎完全忽视了资产负债表上那张SpaceX的持仓。这不是一个模糊的期权——这是Bloomberg已经报道IPO进程、估值路径已经清晰化的具体资产。

Today the market is pricing SATS based on the decline metrics of its traditional telecom business, while almost completely ignoring the SpaceX holding on its balance sheet. This is not a vague option — it is a concrete asset whose IPO process has already been reported by Bloomberg and whose valuation path has already become clear.

距IPO窗口不到四个月，折价约35%至45%，NAV差距清晰可量化。下半部分，我们会拆解SpaceX持仓的具体估值逻辑、IPO前每一个关键催化剂时间节点，以及完整的分阶段建仓价位区间、三个阶段的止盈目标，和触发重新评估持仓的具体条件。

With less than four months until the IPO window, a discount of about 35% to 45%, and an NAV gap that is clear and quantifiable, in the second half we will break down the specific valuation logic of the SpaceX stake, every key catalyst timeline before the IPO, as well as the complete staged entry price ranges, the three stages of profit-taking targets, and the specific conditions that would trigger a reassessment of the position.