Defaulting on the Rural Digital Opportunity Fund
Starry has defaulted on all of its $269 million of Rural Digital Opportunity funding (RDOF). There have been other defaults of RDOF, but no others of this magnitude. Starry is not required to disclose why it’s defaulting. Though, in the many articles about the RDOF default, there was a lot of speculation that the company doesn’t have the needed funding to complete the required builds. Starry reported 77,400 customers at the end of the second quarter of 2022 – gaining 14,300 customers in the quarter. The company claimed that it now passes 5.7 million potential customers.