Shares in satellite operator Viasat are shooting up again, extending a hot streak driven by the company's spectrum portfolio.

Spectrum is essential for satellite companies' orbital fleets to serve clients back on Earth. But acquiring the wireless airwaves can be tough and is subject to complex regulatory proceedings.

Investors pounced on Viasat's stock starting a week ago, when Rocket Lab disclosed it would acquire Iridium Communications in an $8 billion deal, giving it access to that company's spectrum.

Analysts at Raymond James recently estimated Viasat's wireless resources were worth around $15 billion-more than Viasat's current market value of about $12 billion.

Since June 26, Viasat's shares are up about 40%.