The wireless industry is in a period of rapid evolution, with shifting financial priorities, regulatory developments, and infrastructure investments reshaping the landscape. From wireless carriers to fiber networks and spectrum availability, the stage is set for a new chapter in connectivity. Financial pressures, regulatory shifts, and increasing demand for data are driving these changes.
Jennifer Fritzsche’s Crystal Ball provides a glimpse into what’s ahead of wireless carriers, fiber networks, spectrum availability, and tower investments. With convergence, densification, and edge computing taking center stage, here’s are the developments to watch as the industry continues to transform.
1. Carrier Activity and Financial Forecasting: A Mid-Year Reset
Carriers have been facing significant financial pressures, but as we approach the middle of 2025, expect to see a wave of project restarts.
With debt-to-EBITDA ratios hovering around 2.5x, carriers are balancing fiscal responsibility with the need to expand infrastructure. This reset could lead to more strategic investments, especially as cash flow improves and financial pressures ease.
The question remains: will these improved financials fuel a renewed push for network expansion?
As networks continue to grow and densify, the carriers who can maintain that delicate balance between investing in the future while managing debt will likely emerge as leaders.
2. No Spectrum? No Problem – Carriers Will “Spend Through It”
While spectrum acquisition has traditionally been a key focus, carriers are shifting gears in 2025. Instead of simply pursuing new spectrum, they’re increasingly looking at ways to build out unused spectrum assets.
This “build-first” approach is all about maximizing efficiency—utilizing the spectrum they already own to expand capacity and improve service quality.
This shift in focus is crucial for carriers as they face mounting capacity constraints. Will this strategy ease some of those pressures, or will the need for additional spectrum force the hand of regulatory bodies for new auctions? Time will tell, but the push for more efficient spectrum use is becoming a central theme in the coming years.
3. A New Era for Infrastructure: FCC’s Spectrum Expansion Plan
On the regulatory side, the FCC is making moves to support carriers and drive industry growth.
With Commissioner Brendan Carr in place, the FCC is focused on getting more spectrum into the hands of carriers, which could lead to a surge in investments in infrastructure. Under Commissioner Carr, there’s a clear push to streamline deployments and unlock more spectrum for the industry.
One of the most interesting developments is the ongoing conversation around Dish Network’s spectrum holdings. With discussions heating up around their potential role in expanding competition, the landscape is shifting in ways that could have lasting effects on both infrastructure and carrier strategies.
4. AWS and CBRS Spectrum: Will More Airwaves Open for Business?
When we talk about spectrum, two key areas are drawing attention: AWS Spectrum (1.7 – 2.1 GHz) and CBRS Spectrum (3.5 – 3.7 GHz).
For AWS, there’s been speculation that Charlie Ergen at Dish/Boost could be looking to reallocate or resell these valuable airwaves. Meanwhile, CBRS, with its potential for expanded commercial use, faces hurdles due to the U.S. Navy’s primary claim on the spectrum.
How will these spectrum shifts play out in the coming years? Will they reshape carrier strategies, or will the regulatory roadblocks delay deployment? We’re keeping an eye on these developments as they continue to unfold.
5. Dish Network and Low-Power Spectrum Adjustments
Dish Network’s role in the wireless market remains intriguing.
The company’s focus on 1.7 – 2.1 GHz spectrum has the potential to disrupt the competitive landscape. As Dish considers whether to deploy, lease, or sell its holdings, it will be interesting to see how low-power spectrum adjustments could unlock new network capabilities.
The company’s moves in this area could have ripple effects, especially as the industry becomes more competitive. Will Dish make a play for greater market share, or will it continue to refine its role in this ever-changing space?
6. Small Cells and Boost Mobile Expansion: The 2026 Roadmap
Looking ahead to 2026, one major development to watch is Boost Mobile’s site buildout.
The company is set to ramp up its infrastructure investments, signaling a long-term commitment to densification. Small cells, which are crucial for urban network expansion, will play a pivotal role in this strategy. As carriers increasingly lean into densification efforts, these small cell deployments will become key to meeting growing demand for high-quality, reliable coverage.
Expect to see new partnerships and investments shaping the small cell market, as more players recognize the need for scalable, high-capacity networks.
7. Tower Market Shake-Up: Mergers, Sales, and Shifting Strategies
Crown Castle’s recent $8.5 billion sale of its Fiber Solutions and Small Cells businesses to Zayo and EQT marks a significant shift in the market. Zayo’s acquisition of Crown Castle’s metro fiber assets strengthens its position in key U.S. metro areas, positioning the company to meet growing demand for high-capacity, low-latency networks, particularly in AI and cloud computing.
EQT’s purchase of the Small Cells business, paired with a commercial agreement for Zayo to provide fiber, signals Crown Castle’s move to focus more on its core tower business. This shake-up could spur further consolidation in the sector, as companies reassess the value of fiber, small cells, and tower assets in the evolving infrastructure landscape.
Beyond Crown Castle, US Cellular’s tower assets are also making waves, with rebranding expected as the company introduces a new player into the market. Meanwhile, uncertainty looms over Tilman Infrastructure’s future, as a potential ownership change could significantly impact the competitive landscape.
The big question remains: Will private tower M&A accelerate, or will market uncertainty slow deals? With shifting strategies among major players, the next year could bring significant moves that reshape the tower industry as we know it.
8. Edge Data Centers: Bringing Cloud Power Closer to Users
Edge computing is on the rise, and towers are increasingly becoming focal points for this transformation. By placing data processing closer to end-users, edge data centers enable faster, more efficient delivery of services. Companies like Tillman Infrastructure could pivot toward edge data centers, reshaping their role in the broader network infrastructure ecosystem.
As demand for low-latency services continues to surge, the lines between traditional towers and cloud infrastructure are blurring. Will tower companies become the leaders in cloud infrastructure? The next few years will be telling as the edge computing market evolves.
9. BEAD Funding and The Fixed Wireless Opportunity
One exciting development for broadband expansion is the BEAD (Broadband Equity, Access, and Deployment) funding, which has allocated $300 million to help close the digital divide in Virginia. With fiber buildouts often stalling in rural areas, fixed wireless providers are stepping up to fill the gap. This is a space to watch closely, especially as fixed wireless has the potential to become the dominant solution for rural connectivity.
However, there’s a wildcard factor at play: will BEAD funding stay focused on broadband, or could it be redirected to other projects, like the Stargate initiative? The future of rural connectivity hinges on these decisions, and it will be fascinating to see how these funds are deployed.
Bottom Line: A Market in Motion
With customer balance sheets improving, network demand holding strong, and no new spectrum auctions on the immediate horizon, the infrastructure landscape is set for continued investment and evolution.
From shifting carrier strategies to tower market shake-ups, and the expanding role of edge computing, these are the key trends to watch. Will fiber and wireless finally reach peak convergence? Will policy changes accelerate or stall network expansion? And how will evolving infrastructure priorities reshape the competitive landscape?
2025 and beyond are shaping up to be defining years for connectivity—those paying attention now will be best positioned for what comes next.