Is Fixed Wireless Broadband a Bigger Threat Than We Realized?

T-Mobile and Verizon posted fixed wireless net adds of 185k between them last quarter. This had a much bigger impact on Cable broadband trends than Fiber. T-Mobile and Verizon will expand their offering to new markets in coming quarters. Starry and other new entrants will too. And then there is the threat from space…

We will explore the opportunity in fixed wireless broadband and the threat this poses to established players at the New Street Research and BCG Global 5G Conference, on November 15th (agenda here, and registration here).

Neville Ray from T-Mobile (1PM ET) will discuss the company’s plans to expand from roughly 30MM addressable homes to 60MM+ addressable homes over the next two years, ultimately capturing 7-8MM subs by 2025. In addition, he will discuss how the product will evolve as T-Mobile ramps up mid-band spectrum deployed from 60MHz to 100MHz and ultimately 200MHz. Adam Koeppe from Verizon (8:40AM ET) will discuss the Company’s ambition to serve at least 10MM subs (or 20% of 50MM homes covered) with fixed wireless by 2025. He will also touch on the role millimeter wave deployments will play in Verizon’s fixed wireless broadband roadmap.

Chet Kanojia from Starry(10:50 AM ET) has just raised $450MM in new capital that will help fund expansion from close to 5MM addressable homes today to 19MM by 2026.Iyad Tarazi from Federated Wireless(10:50 AM ET) will touch on how companies are using CBRS for fixed wireless broadband.

Adam Koeppe from Verizon (8:40 AM) will also touch on the Company’s new partnership with Project Kuiper, and how it will fold into Verizon’s plans for delivering fixed and mobile 5G beyond the reach of Verizon’s mobile network. Intelsat(2:10PM ET) will discuss their ambitions in the fixed and mobile connectivity space. Both ought to be able to shed light on the threat posed by Starlink.

Conference speakers and agenda here.

Register for the conference here.

Full 12-month historical recommendation changes are available on request

Reports produced by New Street Research LLP, 18th Floor, 100 Bishopsgate, London, EC2N 4AG. Tel: +44 20 7375 9111.

New Street Research LLP is authorised and regulated in the UK by the Financial Conduct Authority and is registered in the United States with the Securities and Exchange Commission as a foreign investment adviser.

Regulatory Disclosures: This research is directed only at persons classified as Professional Clients under the rules of the Financial Conduct Authority (‘FCA’), and must not be re-distributed to Retail Clients as defined in the rules of the FCA.

This research is for our clients only. It is based on current public information which we consider reliable, but we do not represent that it is accurate or complete, and it should not be relied on as such. We seek to update our research as appropriate, but various regulations may prevent us from doing so. Most of our reports are published at irregular intervals as appropriate in the analyst's judgment. This research is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. It does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients.

All our research reports are disseminated and available to all clients simultaneously through electronic publication to our website.

New Street Research LLC is neither a registered investment advisor nor a broker/dealer. Subscribers and/or readers are advised that the information contained in this report is not to be construed or relied upon as investment, tax planning, accounting and/or legal advice, nor is it to be construed in any way as a recommendation to buy or sell any security or any other form of investment. All opinions, analyses and information contained herein is based upon sources believed to be reliable and is written in good faith, but no representation or warranty of any kind, express or implied, is made herein concerning any investment, tax, accounting and/or legal matter or the accuracy, completeness, correctness, timeliness and/or appropriateness of any of the information contained herein. Subscribers and/or readers are further advised that the Company does not necessarily update the information and/or opinions set forth in this and/or any subsequent version of this report. Readers are urged to consult with their own independent professional advisors with respect to any matter herein. All information contained herein and/or this website should be independently verified.

All research is issued under the regulatory oversight of New Street Research LLP.

Copyright © New Street Research LLP

No part of this material may be copied, photocopied or duplicated in any form by any means or redistributed without the prior written consent of New Street Research LLP.