The Trajectory of FWA

In what is bad news for many other internet service providers (ISPs), both T-Mobile and Verizon have plans to continue their aggressive growth of FWA cellular broadband. As a reminder, this is home broadband delivered from cell towers that mostly uses the same spectrum already being used at cell towers for cell service. AT&T, T-Mobile, and Verizon have had unprecedented success with this new broadband product since it first launched in 2021. If the three companies meet their growth goals, they will collectively have almost 20 million broadband customers in 2028—almost as big as Charter or Comcast today. This growth is by far the biggest disruption of the traditional broadband industry, with FWA growth taking customers away from all other ISPs.