Verizon moved to expand its fixed wireless broadband (FWA) reach by agreeing to acquire Starry, a millimeter-wave provider focused on multi-dwelling units (MDUs) in Boston, Denver, Los Angeles, New York and Washington, D.C. The deal targets faster urban buildouts by marrying Starry’s MDU playbook with Verizon’s fiber backbone and licensed mmWave spectrum. Verizon says the integration will help double its FWA subscribers to 8–9 million and extend availability to 90 million households by 2028.
The acquisition folds into Verizon’s broader FWA trajectory: the company added 278,000 FWA lines in Q2 2025 to reach more than 5.1 million subscribers, with growth concentrated in C-band-served suburbs and small metros; Starry adds an urban MDU on-ramp where mmWave capacity matters most. By leaning on existing fiber backhaul and high-band spectrum, Verizon positions FWA as a quicker, lower-capex alternative to greenfield fiber in cities while preserving an upgrade path where fiber already exists.
Verizon expects the Starry deal to close by Q1 2026, pending FCC and other approvals. The move arrives as Verizon also works to close its separate, $20 billion acquisition of Frontier Communications to scale fiber infrastructure and backhaul, with management and multiple reports pointing to an early-2026 close pending remaining state approvals.
- Starry focuses on MDUs in five markets and serves nearly 100,000 customers.
- Verizon ended Q2 2025 with over 5.1M FWA subscribers after 278k quarterly net adds.
- Target: 8–9M FWA subs and 90M households covered by 2028.
- mmWave + fiber backhaul aim to accelerate urban coverage and capacity.
- Expected close: Q1 2026, subject to FCC and other customary approvals.
- Advisors: Guggenheim Securities served as exclusive financial advisor to Starry.
“As the #1 mobility provider, Verizon’s acquisition of Starry is another step to extend our leadership in mobility and broadband… By integrating their technology and expertise, we will accelerate our fixed wireless access capabilities, giving millions of new customers a powerful and affordable broadband option,” said Joe Russo, EVP and President, Global Networks and Technology, Verizon.
🌐 Analysis
Verizon’s FWA momentum (5.1M subs as of Q2 2025, with a stated 8–9M target by 2028) gains an urban MDU catalyst via Starry’s mmWave footprint, complementing C-band-led suburban expansion. The pending $20B Frontier acquisition would add a large, multi-state fiber plant and backhaul to feed FWA nodes and support fiber upsell, though the combined close timeline still hinges on remaining state approvals—particularly in California—before the early-2026 target.
Starry (Starry, Inc. / Starry Group Holdings), a Boston-based fixed wireless broadband provider, aims to deliver fast, affordable, and uncomplicated home internet by innovating broadband network design. Founded by Chaitanya “Chet” Kanojia (formerly of Aereo) in 2014 and publicly launched in 2016, Starry develops its own millimeter-wave (mmWave) fixed-wireless access (FWA) equipment and operates a hybrid model using fiber backhaul and wireless last-mile delivery. Following a pre-arranged Chapter 11 restructuring in 2023, Starry emerged as a smaller, privately held company with a refined focus on core markets and reduced debt. Led by CEO Alex Moulle-Berteaux, the company targets profitability by early 2025. Its core offering is residential broadband via fixed wireless to urban multi-tenant buildings like apartments and condos, typically without long-term contracts, bundles, or data caps. Starry raised significant capital, including a $100M Series C in 2018, and its 2023 restructuring eliminated over $195M in funded debt while securing new capital for operations. Through its Starry Connect program, it partners with municipal housing authorities to provide affordable broadband to underserved communities. Key milestones include its initial Boston deployment (2016–2017), expansion to multiple U.S. markets (e.g., NYC, LA, DC, Denver), major funding rounds, the 2023 bankruptcy and restructuring, and a post-restructuring focus on profitability and growth, with a pending acquisition by Verizon announced in October 2025 (expected to close in Q1 2026).
