FCC Upper C-band move could bring $5.6B incentives to SES (SGBAF)
Rhea-AI Filing Summary
SES, a Luxembourg-based space solutions company, highlighted that the U.S. Federal Communications Commission has approved the Upper C-band Report & Order, making 160 megahertz of Upper C-band spectrum in the contiguous United States available for flexible-use, next-generation terrestrial wireless services via competitive bidding. The required auction will be completed no later than July 2027, with spectrum clearing deadlines in 2030 and 2031.
The Order provides for gross incentive payments of approximately $5.6 billion to SES, contingent on clearing the spectrum within the transition deadlines, and confirms reimbursement of reasonable and necessary Upper C-band transition costs as approved by the clearinghouse. SES management underscores its commitment to cooperate with the FCC and stakeholders while ensuring C-band customers continue to receive substantially the same service during the transition.
Positive
- The FCC Upper C-band framework includes potential gross incentive payments of approximately $5.6 billion to SES, contingent on timely spectrum clearing under the transition deadlines.
- The Order confirms reimbursement of reasonable and necessary Upper C-band transition costs to SES, as approved by the clearinghouse, supporting execution of the transition plan.
Negative
- None.
Filing Explained
The FCC-approved process remains conditional: CVR value is uncertain, and some Upper C-band transition costs may not qualify for reimbursement.
The July 28 Form 6-K warns that the Upper C-band proceeding could affect the value of contingent value rights (CVRs), whose value may be difficult to determine.
Although the Order confirms reimbursement of reasonable and necessary Upper C-band transition costs as approved by the clearinghouse, the filing says certain costs may not ultimately be approved for reimbursement.
Key Figures
Key Terms
Upper C-band regulatory
flexible-use, next-generation terrestrial wireless services technical
incentive payments financial
clearinghouse regulatory
contingent value rights financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What did SES (SGBAF) announce regarding the FCC Upper C-band decision?
How much could SES (SGBAF) receive from Upper C-band incentive payments?
What spectrum is affected by the FCC Upper C-band Order relevant to SES (SGBAF)?
What is the timeline for the Upper C-band auction and spectrum clearing involving SES (SGBAF)?
Will SES (SGBAF) be reimbursed for Upper C-band transition costs?
How could the FCC Upper C-band process affect SES (SGBAF) contingent value rights (CVRs)?
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16
Under the Securities Exchange Act of 1934
Date: July 28, 2026
Commission File Number: 333-286828
SES
(Translation of registrant’s name into English)
Château de Betzdorf
L-6815 Betzdorf
Grand Duchy of Luxembourg
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
EXHIBIT INDEX
The following exhibit is furnished as part of this Form 6-K:
| Exhibit | Description | |
| 99.1 | Press Release, dated July 27, 2026 | |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| SES | ||||||
| (Registrant) | ||||||
| Date: July 28, 2026 | By: | /s/ Aaron Shourie | ||||
| Name: Aaron Shourie | ||||||
| Title: Chief Legal Officer | ||||||
Exhibit 99.1
Luxembourg, July 27, 2026 – SES, a leading space solutions company, issued the following statement following the U.S. Federal Communications Commission approval of the Upper C-band Report & Order that makes 160 megahertz of the Upper C-band available in the contiguous United States for flexible-use, next-generation terrestrial wireless services via a system of competitive bidding. The required auction of the Upper C-band will be completed no later than July 2027, with spectrum clearing deadlines in 2030 and 2031. Gross incentive payments of approximately $5.6 billion to SES are contingent on spectrum clearing within the transition deadlines. The Order also confirms reimbursement of reasonable and necessary Upper C-band transition costs as approved by the clearinghouse.
SES CEO Adel Al-Saleh Commented:
“We commend Chairman Carr and the FCC staff for their diligence, speed, and hard work. We remain fully committed to working cooperatively with the FCC and all stakeholders as the process progresses. We are pleased that the incentive payments appropriately recognize the critical role SES will play in repurposing 160 MHz of Upper C-band spectrum for next-generation terrestrial wireless services, while ensuring C-band customers continue to receive substantially the same service. SES also appreciates the improved reimbursement process, which should support timely execution, minimize finance expenses, and help our partners move quickly. SES stands ready to support its customers and execute the transition plan.”
For further information please contact:
SES Communications
SES.Press@ses.com
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About SES
At SES, we believe that space has the power to make a difference. That’s why we design space solutions that help governments protect, businesses grow, and people stay connected—no matter where they are. With integrated multi-orbit satellites and our global terrestrial network, we deliver resilient, seamless connectivity and the highest quality video content to those shaping what’s next. Following our Intelsat acquisition, we now offer more than 100 years of combined global industry leadership—backed by a track record of bringing innovation “firsts” to market. As a trusted partner to customers and the global space ecosystem, SES is driving impact that goes far beyond coverage. The company is headquartered in Luxembourg and listed on Paris and Luxembourg stock exchanges (Ticker: SESG). Further information is available at: www.ses.com
Forward-looking Statements
This press release contains certain “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, including statements we make regarding the Upper C-band transition process. Forward-looking statements can be identified by words such as “believe,” “enable,” “expect,” “will,” and “continue.”
Forward-looking statements are not assurances of future performance and are subject to inherent uncertainties and risks that are difficult to predict. Factors that might cause such a difference include those discussed in our filings with the U.S. Securities and Exchange Commission, including our Form 20-F, such as risks relating to the FCC’s current Upper C-Band proceeding, which could impact the value of the contingent value rights (“CVRs”); difficulties determining the value of the CVRs; our ability to clear the spectrum in a timely manner to achieve the incentive payments set forth in the Report & Order; certain transition costs may not ultimately be approved for reimbursement; and our ability to comply with extensive regulation and regulatory changes. The forward-looking statements included in this press release are made only as of the date hereof and we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.