Carrier-neutral operator market tracker, 4Q25: Data centers displace towers as the sector’s growth engine, powered by AI

This report reviews the growth and development of the carrier-neutral network operator (CNNO) market, tracking a wide range of financial stats for 47 CNNOs across the globe, from 1Q11 through 4Q25. 2025 marked a modest inflection point for this mature sector. After a flat 2024, revenues rose 3.6% to $101.4 billion (B), with growth accelerating through the year to +8.5% YoY by 4Q25. Capex climbed 11.3% to $43.8B, the fastest expansion in years. Net PP&E ended 2025 at $280.7B (+8.3% YoY), and headcount reached roughly 120,600 (+9.0% YoY, inflated by the Uniti-Windstream merger). Below are some highlights from the report: Revenues: CNNO revenues reached $101.4B in 2025, up 3.6% from 2024, a five-fold expansion from the ~$20B market of 2011. More telling than the annual figure is the trajectory within the year: growth ran below…