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- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
- Vikash Harlalka
BEAD: Funding wins and investments by operator
In this note on BEAD, we summarize the funding wins so far for each operator along with the matching investment they are expected to make based on the cost estimates of each state. Based on the state estimates, they are contributing 63% of the estimated build costs and the operators are expected to invest 37% of the cost. The share of investments needed varies depending on the operator, and in some cases may be lower than estimated.
- Pierre FerraguÊ
Bible 2Q25 – Telecom Infrastructure: Fixed and semis recover; mobile s...
Today, we are publishing the Telecom Infrastructure section of our 28th Tech Infrastructure Quarterly Bible. The Tech Bible is a must-read for any tech investor, as it summarizes the quarterly earnings reports from the over 140 companies we track, providing an update on our key perspectives and convictions. In the coming weeks we will publish sections on Hyperscale & Cloud, PCs, Enterprise IT, Foundry and Semicap Equipment. Fixed equipment revenues are rebounding from the inventory correction, ...
- Vikash Harlalka
BEAD: NTIA Deadline is here
Today is the deadline for all states to submit their final proposals. We now include proposals from 32 states in this latest update on BEAD. Fiber’s share of locations has nearly stabilized with small share shifts in either direction with each update (fiber’s share declined slightly after this update). Satellite and FWA together account for a third of the locations awarded.
- Philip Burnett
EchoStar Spectrum Sales: Implications for Industry FWA Capacity
In the wake of EchoStar selling spectrum to AT&T, we have updated our FWA capacity model on the assumption that all of the company’s spectrum eventually ends up with the big three carriers. We now expect the industry to have capacity for almost 22MM residential FWA subscribers, up from 19.5MM before.
- Blair Levin
SATS Spectrum Deals Raise Hopes for DBS Deal
With the announcement of SATS’ deal with T and prospects for further spectrum sales, investors are once again hopeful that the long-anticipated merger of the DBS companies can happen. In this note, we update our thoughts on the government review of that deal if it happens.
- Vikash Harlalka
BEAD: Half-time report
Our latest BEAD update includes proposals from 25 states. Fiber remains the preferred technology with its share improving slightly from our last update. In this note, we analyze the results, compare them with estimates from our Broadband Insights database, and its implications for broadband companies. We also update our summary for BEAD proposals so far.
- Blair Levin
- Vikash Harlalka
BEAD: More state proposals; Fiber share nearly stable
24 states have now reported their BEAD proposals. Fiber remains the preferred technology, and their share of locations slipped only slightly in this latest round of updates. In this note, we analyze the results, compare them with estimates from our Broadband Insights database, and its implications for broadband companies. We also update our summary for BEAD proposals so far.
- Blair Levin
SATS, The DOJ, and Further Policy Considerations
The deal between SATS and T has raised numerous policy related questions. In this note, we expand our policy analysis to address the questions we have most often received this week and clear up some misconceptions we have noticed about how policy process will proceed from here on out.
- Vikash Harlalka
BEAD: Fiber slips further; FWA gains some ground
Georgia, New Mexico and Oklahoma have reported their BEAD proposals. We are also including the numbers released by Washington yesterday. While fiber remains the dominant technology, its share slipped further. FWA and satellite increased their share of locations. In this note, we analyze the results, compare them with estimates from our Broadband Insights database, and its implications for broadband companies.
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
- Philip Burnett
The EchoStar Deal: Impacts to AT&T
We covered our first reaction to the deal before the AT&T call this morning. Blair covered the policy implications here. In this note, we follow up with a detailed analysis of the impact to AT&T. While the deal is very modestly accretive to AT&T free cash flow over time, it reduces share repurchases beyond 2027 and is therefore a touch dilutive to long-run free cash flow per share. The small decline seen by T equity today is generally in line with the reduction in value from lower free cash flow...
- Vikash Harlalka
BEAD: More state proposals; Fiber still dominant but Satellite gaining...
We now have BEAD proposals from 12 states. While fiber still remains the dominant technology, its share of locations has decreased as Satellite gains more ground. In this note, we analyze the results, compare them with estimates from our Broadband Insights database, and its implications for broadband companies.
- Philip Burnett
- Blair Levin
SATS/T Reach Agreement: What Will FCC Do Next?
This morning, SATS and T announced an agreement by which SATS would sell spectrum to T for $23 billion and enter into a hybrid MVNO deal. Our New Street colleagues discuss the financial implications in a separate note, but in this note we discuss the implications for policy and the current FCC proceedings.
- Vikash Harlalka
BEAD: West Virginia releases final proposal
What’s new: West Virginia released their final proposal last night. Among large broadband operators, Frontier was the big winner. Comcast continues to feature in the list of proposed providers. Fiber continues to be the preferred technology. In this short note, we discuss the proposal, compare the results with our estimates from Broadband Insights database, provide a quick summary of BEAD proposals so far, and discuss the implications for broadband companies.
- Vikash Harlalka
2Q25 Broadband Trends
What’s new: in this report we discuss one of the drivers of slower broadband growth – a rise in mobileonly households. While we do not have the data to support it, we discuss the reasons why we find it a plausible explanation for the slower industry growth. We also update our industry forecast and reprise our work on competitive positioning of the operators based on relative cNPS scores.
- Vikash Harlalka
BEAD: Louisiana releases final proposal
Louisiana was the second state to release their final proposal at the end of last week. Virginia just beat Louisiana and was the first. Louisiana Local Fiber Consortium, which includes T-Mobile, was the big winner again. Surprisingly, Comcast was the only large Cable operator among the winners. The ILECs won less than we expected. Fiber continues to be the technology of choice for BEAD. In this short note, we discuss the proposal, compare the results with our estimates from Broadband Insights da...
- Vikash Harlalka
Autumn for Broadband 2Q25
In this installment of our Autumn for Broadband series, we provide a quick update on trends in the broadband market based on what we have seen from the companies that have reported so far. Net adds remained nearly flat compared to a year ago (when adjusted for ACP impact) but were within the pre-pandemic norm. Industry subscriber trends have mostly stabilized over the past 3 quarters, but y/y growth remains below pre-pandemic levels.
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