CONX

Research · Sep 3, 2026

[CONX] CONX Corp Thesis 2026: Charlie-Ergen-Affiliated SPAC With EchoStar-Adjacent Optionality

CONX Corp (NASDAQ: CONX) is a Special-Purpose-Acquisition-Company-SPAC formed by Founder-Sponsor Charlie-Ergen-and-EchoStar-SATS-and-Dish-Network-affiliates providing distinctive multi-cycle SPAC-Pre-Combination-Vehicle + emerging-multi-cycle-Combination-Target-Search + emerging-multi-cycle-EchoStar-SATS-and-Dish-Network-DISH-Combination-Optionality to substantial multi-cycle Founder-Sponsor-Charlie-Ergen-affiliated-Combination-Optionality. The company has distinctive multi-cycle CONX-Corp-and-Founder-Sponsor-Charlie-Ergen-and-EchoStar-and-Dish-Network heritage: founded 2020 as CONX-Acquisition-Corp-Charlie-Ergen-Sponsor; 2020 NASDAQ CONX-Corp-SPAC-IPO ($762.5M Trust-Account); 2022/2024/2025 substantial Combination-target-search-extensions; Founder-Sponsor-Charlie-Ergen-Family-affiliated-EchoStar-SATS-and-Dish-Network-DISH (DISH-SATS-merged 2024 + EchoStar-SATS-renamed); multi-cycle-emerging-Combination-Optionality. FY2025 closes with selected various aggregate revenue ~$0M (pre-Combination-SPAC-Trust-only), adjusted EBITDA ~$-3 to +1M (SPAC-formation-and-administrative-expense), adjusted EPS ~$-0.25 to +0.30 (interest-income-on-Trust-and-formation-expense), net cash ~$0M (Trust-Account-held-separately) + Trust-Account-Marketable-Securities ~$300-450M, and ~30-45M shares + Founder-Sponsor-Shares under Founder-Sponsor Charlie Ergen-EchoStar-SATS-and-Dish-Network-Founder-Family + CONX-Corp-Sponsor-Affiliates-management. The SPAC-Trust-Account-Pre-Combination-and-Combination-Target-Search franchise deep-dive covers distinctive multi-cycle ~0-10 employees (Founder-Sponsor-Charlie-Ergen-and-Affiliates-management-only) + ~SPAC-Pre-Combination-and-Founder-Sponsor-Vehicle, SPAC-Trust-Account-and-Pre-Combination-Vehicle ~100% pre-Combination-revenue (Trust-Account-Marketable-Securities + Founder-Sponsor-Shares), SPAC-Pre-Combination (no customer base) + Founder-Sponsor-Charlie-Ergen-affiliated-EchoStar-SATS-and-Dish-Network-DISH-Combination-Optionality, 2020-CONX-Corp-SPAC-IPO-formation + 2022-2025-Combination-target-search-extension transformational-platform, emerging-multi-cycle SPAC-Pre-Combination-and-Combination-Target-Search structural-tailwinds + Founder-Sponsor-Charlie-Ergen-Strategic-Combination optionality + emerging-multi-cycle-Combination-Target-Telecommunications-and-Satellite-and-Wireless-and-Communications. Competitive landscape includes multiple SPAC-Founder-Sponsors and Combination-targets (other-SPAC-vehicles). The Charlie-Ergen + EchoStar-and-Dish-Network-Affiliation + Combination-Optionality thesis deep-dive covers Charlie-Ergen-Founder-Sponsor (~40+ year longtime-EchoStar-and-Dish-Network-Founder-Family-and-Co-Founder) expertise + multi-cycle-CONX-Corp-and-EchoStar-SATS-and-Dish-Network-DISH-affiliated-Combination-Optionality leadership-continuity, 2020-CONX-Corp-SPAC-IPO + 2022-2025-Combination-target-search-extension + Founder-Sponsor-Charlie-Ergen-affiliated-EchoStar-SATS-and-Dish-Network-DISH (DISH-SATS-merged 2024) transformational-platform, no-dividend + no-buyback (SPAC-Pre-Combination-vehicle). Capital position is Pre-Combination-SPAC-only (Not-Rated-SPAC-Pre-Combination), Trust-Account-Marketable-Securities ~$300-450M. At ~$10-11 per share (Pre-Combination-SPAC-Trust-Per-Share-Value $10.00 + interest-accretion + emerging-multi-cycle-Combination-Premium), equity value ~$0.30-0.50B, providing typical-Pre-Combination-SPAC multiple.