EchoStar Corporation (SATS): Carl C. Icahn Trims Stake

We just covered Growth Stock Portfolio: 12 Stock Picks by Carl C. Icahn and EchoStar Corporation (NASDAQ:SATS) ranks 5th on this list.

EchoStar Corporation (NASDAQ:SATS) is a relatively new addition to the 13F portfolio of Icahn Capital. The fund first disclosed a stake in the company in the third quarter of 2025. This position comprised 4.35 million shares. Filings for the fourth quarter of 2025 show that the fund owned 3.35 million shares in the firm, down over 22% compared to filings for the previous quarter. EchoStar provides pay-tv services in the United States, Mexico, Canada, South and Central America, Asia, Africa, Australia, Europe, India, and the Middle East. The Pay-TV segment offers a direct broadcast and fixed satellite, owned and leased satellites, leased fiber optic networks, in-home services, and call center operation services.

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Hedge fund interest in EchoStar Corporation (NASDAQ:SATS) has grown following a massive spectrum sale to SpaceX in 2025 where the firm received over $11 billion in SpaceX equity. With reports that SpaceX is preparing for a mid-2026 IPO at a valuation approaching $800 billion to $1.7 trillion, hedge funds are buying EchoStar as one of the only liquid ways to gain pre-IPO exposure to the space company. In March, EchoStar entered into an RSA with holders of 82% of its outstanding debt, effectively resolving long-standing litigation and pushing out near-term maturities. Between the $20 billion in combined deals with AT&T and SpaceX, the company has secured the cash needed to retire its immediate refinancing wall of $4.75 billion due in 2026.

While we acknowledge the risk and potential of SATS as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than SATS and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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