Crown Castle Is Now a Stable, Slow-Growing US Tower Firm

Crown Castle's efforts to build fiber networks and promote small cells to wireless carriers ended with poor returns on capital. The firm wisely, in our view, sold this fiber business in May 2026, becoming a pure US wireless tower operator. The firm's tower infrastructure is critical to the functioning of US wireless networks, but we don't expect the three major US carriers to drive much new growth in the coming years. SpaceX could provide a spurt of demand, but we believe it is premature to assume it builds a substantial traditional terrestrial wireless network.