This rally has been driven by two significant developments: massive spectrum sales to AT&T and a strategic alliance with SpaceX.

During a podcast appearance, the SpaceX CEO appeared open to competing with US carriers, including cellular Starlink partner T-Mobile. He was less committed to making a 'Starlink phone.'

Deutsche Bank AG’s US distressed-products desk notched more than $100 million in profit this year betting on securities affected by the dramatic near bankruptcy and subsequent windfall at Charlie Ergen’s EchoStar Corp.

The deal paves the way for growth of SpaceX’s next-generation Starlink Direct to Cell constellation, which provides cellular connectivity directly to smartphones.

EchoStar has abandoned its plans to create a direct-to-device satellite constellation in low Earth orbit, selling spectrum to SpaceX.

Shares of satellite communications company EchoStar (NASDAQGS:SATS) jumped 1.1% in the morning session after the Federal Communications Commission (FCC) officially closed its investigation into the company's 5G service obligations following a major spectrum deal with SpaceX.