May 2026
📣 VC round data is live. Check it out!
Largest Telecom Infrastructure Public Companies in the US
Benchmark revenue and EBITDA valuation multiples for public comps like
Equinix, Ciena, American Tower, Digital Realty Trust and Crown Castle.
 | Equinix is one of the leading providers of cloud- and carrier-neutral data centers, offering colocation and interconnection services to hyperscalers and businesses. Equinix operates 270 properties in 77 metropolitan areas across 36 countries, serving over 10,000 customers. About 70% of Equinix’s revenue comes from renting physical space, which allows hyperscalers and other clients to store servers, data storage, and networking equipment. The other 30% of revenue is generated primarily through interconnection services (20%) and other managed services (10%). | $1,072 | +35% | $106B | $126B | 13.7x | 27.8x | ||
| Ciena is a telecommunications equipment provider focused on optical transport technologies, with clients in a number of industries such as communication services providers, web-scale providers, cable operators, government, and large enterprises worldwide. The company provides equipment, software, and services that support transport, switching, aggregation, service delivery, and data traffic management. | $627 | +671% | $89B | $89B | 18.6x | 137.3x | ||
| American Tower owns and operates about 150,000 wireless towers throughout the US, Asia, Latin America, Europe, and Africa. It also owns and/or operates 30 data centers in 11 US markets after acquiring CoreSite. On its towers, the company has a very concentrated customer base, with most revenue in each market generated by the top few mobile carriers. The company operates more than 40,000 towers in the US, which accounted for about half of total revenue in 2024. Outside the US, American Tower operates about 47,000 towers in Latin America (dominated by Brazil), 32,000 towers in Europe, and 27,000 towers in Africa. American Tower operates as a REIT. | $186 | -16% | $86B | $130B | 12.2x | 18.2x | ||
| Digital Realty is one of the leading providers of cloud- and carrier-neutral data centers, offering colocation and interconnection services to hyperscalers and large businesses. Digital Realty operates 300 properties in 57 metropolitan areas across 31 countries, serving 5,000 customers. Renting physical space accounts for about 90% of Digital Realty’s revenue. The firm enables hyperscalers and other clients to store servers, data, and networking equipment. The other 10% of revenue is generated primarily through interconnection services (8%) and other fee income (2%). | $187 | +7% | $66B | $83B | 13.6x | 22.7x | ||
| Crown Castle owns or manages roughly 40,000 wireless towers in the United States. It leases space on its towers to wireless service providers, which install equipment to support their wireless networks. The company has a very concentrated customer base, with about 75% of its revenue from the Big Three US mobile carriers: Verizon, T-Mobile, and AT&T. Crown Castle has plans to divest its fiber business, which is expected to be finalized in the first half of 2026. After that, it will be a stand-alone tower operator. Crown Castle operates as a real estate investment trust. | $90 | -12% | $39B | $69B | 16.2x | 24.1x | ||
| MasTec is a leading infrastructure construction company operating mainly in North America across a range of industries. Its primary activities include engineering, building, installing, maintaining, and upgrading communications, oil and gas, utility, renewable energy, and other infrastructure. MasTec reports its results under five segments: communications; clean energy and infrastructure; oil and gas; power delivery; and other. | $366 | +115% | $29B | $32B | 2.2x | 27.6x | ||
| SBA Communications owns a portfolio of about 45,000 wireless towers throughout North America, South America, and Africa. It leases space on its towers to wireless service providers, who install equipment to support their wireless networks. The company has a very concentrated customer base, with most revenue in each market being generated by the top few mobile carriers. It owns more than 17,000 towers in the US, which account for about 75% of leasing revenue. Internationally, SBA’s largest presence is in Brazil, where it owns roughly 10,000 towers. SBA operates as a real estate investment trust. | $196 | -16% | $21B | $36B | 12.7x | 17.8x | ||
| Dycom Industries Inc is a provider of specialty contracting services to the telecommunications infrastructure and utility industries throughout the United States. Its operating companies supply telecommunications providers with a comprehensive portfolio of specialty services, including program management; planning; engineering and design; aerial, underground, and wireless construction; maintenance; and fulfillment services and provide underground facility locating services for various utilities, including telecommunications providers, and others. It also provides a range of construction, maintenance, and installation services, including the placement and splicing of fiber, copper, and coaxial cables. It provides services throughout the United States. | $486 | +99% | $15B | $17B | 3.1x | 23.1x | ||
| Liberty Broadband Corp serves in the telecommunications industry in the United States. It provides cable services to both residential andsommercial businesses through its fiber, hybrid fiber, and coaxial cable infrastructure. The services provided by the company are residential services, including video, internet, voice, and mobile services; commercial services, including small and medium business and enterprise solutions; advertising services; and other services. The company's reportable segments are GCI Holdings and Charter. The firm derives the majority of its revenue from GCI Holdings. | $33 | -67% | $5B | $7B | 12.8x | (2.3x) | ||
| Array Digital Infrastructure, formerly US Cellular, sold its regional wireless operations serving about 4.4 million customers to T-Mobile in August 2025. The firm has agreed to sell most of its remaining spectrum licenses; however, it will still retain rights to C-band spectrum in several locations after these deals are closed. Array also owns a 5.5% stake in Verizon Wireless' Los Angeles operations, as well as other smaller wireless partnership interests in Oklahoma and upstate New York. The firm still operates a portfolio of about 4,400 wireless towers. | $53 | -18% | $5B | $6B | 33.8x | 25.3x | ||
| DigitalBridge Group Inc is a developer of alternative asset manager dedicated to investing in digital infrastructure. The company's platform invests in and operates businesses across the digital ecosystem, including cell towers, data centres, fiber, small cells, and edge infrastructure, to provide clients with funds for digital infrastructure real estate infrastructure. | $16 | +51% | $3B | $4B | 38.4x | 120.2x | ||
| Uniti is the product of the August 2025 merger of the firm with Windstream, its former primary customer. The combined firm owns a 217,000 route-mile fiber network that primarily serves enterprise customers. This fiber business generates about 20% of consolidated revenue. Uniti also owns phone networks that reach about 4.5 million households, mostly in less-populated markets in the Southeast. Uniti is rapidly upgrading this network to offer fiber-based broadband services. Its fiber network reaches about 1.8 million locations in its service territory. Residential telecom services account for about a third of total revenue. Small business and wholesale services provided over the legacy phone network account for about 20% of revenue. | $11 | -- | $3B | $13B | 5.8x | 5.3x | ||
| Adtran Holdings Inc is a provider of networking and communications platforms, software, and services focused on the broadband access market. It operates under two reportable segments: Network Solutions, which includes hardware and software products that enable a digital future that supports the company's Subscriber, Access & Aggregation, and Optical Networking Solutions; and Services & Support Segment which includes network design, implementation, maintenance and cloud-hosted services supporting the company's Subscriber, Access & Aggregation, and Optical Networking Solutions. | $18 | +104% | $1B | $2B | 1.5x | 13.8x | ||
| Anterix Inc is a United States-based company engaged in delivering broadband needed to modernize infrastructure for energy, transportation, logistics, and other industries. The company offers Private LTE for utilities which help to automate processes, monitor environmental conditions, enable artificial intelligence, and drive productivity. | $67 | +161% | $1B | $1B | 203.9x | (31.7x) | ||
| Shenandoah Telecommunications Company, with its subsidiaries, provides various broadband communication products and services via its wireless, cable, fiber optic, and fixed wireless networks to customers in the Mid-Atlantic United States. The company operates through one business unit: Broadband. The broadband segment provides broadband Internet, video, and voice services to residential and commercial customers. The broadband segment generates the vast majority of the company's revenue, with the bulk of sales flowing from residential and small, and medium businesses within the broadband unit. | $16 | +19% | $898M | $2B | 4.4x | 13.1x | ||
| Optical Cable Corp manufactures a broad range of fiber optic and copper data communication cabling and connectivity solutions for the enterprise, wireless carrier, and specialty markets. The Company offers high quality products that operate as a system solution or integrate with other components, including fiber, copper, hybrid cabling, cabinets, racks, enclosures, and deployable solutions for enterprise networks, data centers, residential, campus, Passive Optical LAN installations, and customized applications in military, industrial, mining, petrochemical, renewable energy, and broadcast industries. It operates a single reportable segment covering the design, development, manufacture, and marketing of its cabling and connectivity solutions. | $16 | +437% | $138M | $145M | 2.0x | 29.0x | ||
| Vislink Technologies Inc is a technology business specializing in collecting, delivering, and managing high-quality, live video and associated data from the scene of the action to the viewing screen. The company provides RF and 5G solutions for collecting live news, sports, entertainment, and news events for the broadcast, surveillance, and defense markets with real-time video intelligence using a range of transmission products. The company provides professional and technical services utilizing a staff of technology experts with decades of applied knowledge and real-world experience in terrestrial microwave, satellite, fiber optic, surveillance, and wireless communications systems, delivering a broad spectrum of customer solutions. | $3 | +46% | $7M | $2M | - | - | ||
| Central Wireless Inc is a development company. | $0 | -- | $195K | $195K | - | - | ||
| Median | $60 | +41% | $5B | $10B | 12.8x | 22.9x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
Recent Insights
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.