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January 18, 2026, 7:00 PM EST. Regulators are weighing conditions on EchoStar's planned spectrum transfer to SpaceX, stoking regulatory risk for the SATS investment thesis. Vendors say EchoStar's Dish Wireless units owe bills and have unfulfilled tower and fiber commitments, prompting the FCC to scrutinize timing and deal structure. The outcome could affect the speed and size of cash proceeds from the spectrum sale and other monetisation efforts, including the multi-billion-dollar sale of 3.45 GHz and 600 MHz licenses to AT&T. In the near term, EchoStar faces sizable debt maturities and liquidity risk that tie directly to its ability to fund a LEO direct-to-device buildout. The core thesis remains intact, but timing and added conditions could shift cash flow and balance-sheet dynamics.