AT&T spectrum deal could bring $22.650B in cash and fund major debt repayment
Management disclosed an agreement to sell its 3.45 GHz, 3.55 GHz and 600 MHz spectrum licenses plus a 99-year Hawaii lease extension to AT&T for $22.650B in cash, subject to adjustments and approvals, with closing expected in the first half of 2026. The filing says proceeds are expected to repay the DISH 2021 intercompany loan, including a $2.844B 2028 tranche, and redeem $3.5B of 11 3/4% senior secured notes due 2027.
SpaceX transaction package increased to about $20B, including up to $11B in SpaceX equity
Management said the amended SpaceX license purchase agreement increased total consideration from $17B to approximately $20B by adding up to 15 MHz of AWS-3 spectrum for $2.6B, all payable in SpaceX Class A Common Stock valued at $212 per share. As of March 31, 2026, seller notes tied to these assets totaled $9.821B principal, and SpaceX-related interim debt service through November 30, 2027 is expected to total about $2B.
Management explicitly states substantial doubt about continuing as a going concern
The MD&A says cash, cash equivalents and marketable investment securities were $1.516B as of March 31, 2026, while debt maturities due in 2026 included $2.0B due July 1, $1.377B due August 1 and $2.750B due December 1. Management also notes a potential maximum Auction 113 payment of about $2.921B and states that, without committed funding before the AT&T and SpaceX closings, substantial doubt exists about the company's ability to continue as a going concern.