Anterix holds a unique position as the largest holder of 900 MHz licensed broadband spectrum in the United States, a band specifically reallocated by the FCC for private utility broadband use. Licensed spectrum cannot be easily replicated — new allocations require FCC proceedings that can take years — making Anterix's holdings a genuinely scarce asset class. The company's fiscal 2026 results showed continued momentum in converting this spectrum into recurring cash through multi-year utility contracts. As utilities accelerate grid modernization spending, the addressable market for Anterix's 900 MHz spectrum continues to expand.