Value Investing with Sven Carlin, Ph.D. on $SAT (Nov 3, 2026)

Speaking of AI bets, there is a value investment involving SpaceX and EchoStar, which are older businesses like satellites, television, and others, all of which are in decline and look to be in bad shape.

Then the share price rose from 25 to 90, and even higher to 140, and then it has now dropped to 90. What happened? Well, all businesses are in decline , but when you look at wireless communications, what do they have?

They own the radio spectrum. The cash flow is bad, and everything looks bad.

However, they were able to sell part of their spectrum to AT&T for $23 billion. That deal eliminated all of the company's debt. They then announced the sale of the frequency spectrum and a commercial agreement with SpaceX.

Cash liquidity, in addition to the fact that they own 2% of SpaceX, which they bought at the adjusted share price after the split, which is now 42. So, this company bought 2% of SpaceX at 42.

Now, the SpaceX share price is slightly higher at 150. Therefore, there is value from this perspective.

UBS raised the stock rating due to the sum value of the parts, where the analyst there simply does the calculation. What do we have? A stake in SpaceX, $11 billion worth of remaining spectrum, and a few billion in value of legacy business, and after paying capital gains taxes, liabilities and deductions, you arrive at a target price of 156 compared to 90, which represents a substantial increase of 60%, and you own a stake in SpaceX.

Well, SpaceX split its stock, so buy the stock at 42.40 or get it. So, for SpaceX investors, this is very interesting. Here's a visual explanation that will make you say, "Sven, this is a great value investment, buy it."

Well, in my opinion, SpaceX's value will become zero in the future. So, if you exclude SpaceX from here, it's worth no more than a few billion, yet it's trading at a higher price.

So it's risky, but if you believe in SpaceX, you can get it cheaper here.