Traders are chasing [DISH's SpaceX proxy play](https://www.cnbc.com/2026/06/04/spacex-ipo-hype-has-traders-flocking-to-this-mid-cap-stock.html) because they think owning 3% of a $75B unicorn is an instant wealth machine. But DISH's core business—satellite TV—is bleeding subscribers at 6-8% annually, and the balance sheet is a minefield. You're not buying SpaceX exposure; you're buying a legacy telecom with a distressed debt load hoping one equity stake saves it.