Airspan Networks
Airspan makes 5G/Open RAN radios and small cells for carriers, governments, and defense networks.
On the record
Checkpoint: FY2026 revenue print measured against Airspan's 25-30% growth guidance
The call
Airspan survived bankruptcy and is growing again on government money and a niche US-supplier position, but it has not shown an AI-RAN software product to match Nokia, Ericsson, or NVIDIA.
Airspan Networks builds radio equipment used by phone companies to run cellular networks. The company has actually shipped over one million radios and received a $42.7 million government grant, which kept it alive after bankruptcy. However, five giant companies like Ericsson and Nokia control 93% of the market and have already moved into the newer Open RAN technology that Airspan is trying to compete in. On top of that, the real money is moving into artificial intelligence software that controls these networks, and Airspan has not yet built anything credible in that space while Nokia and Ericsson already have AI products in trials. The company will probably survive the next few years on government support and its installed base, but whether it can grow and stay independent depends almost entirely on whether it can ship real AI software within the next year or two.
Why
01
AI pressure: Nokia MantaRay, Ericsson AI-native scheduler, NVIDIA Aerial AI-RAN stack. Big rivals are building AI-driven RAN software layers; Airspan has shipped no comparable AI-RAN product yet. Could AI do the core job? Only partly.
02
Bigger players: Ericsson, Nokia, Samsung (five vendors hold 93% of RAN sales). Ericsson and Nokia already dominate RAN sales and are reclaiming Open RAN deals as rivals Mavenir and NEC exit the category. Could a giant copy it? Yes, easily.
03
What protects it. US government money (NTIA grant, domestic-manufacturing push) and defense/ATG contracts that favor a US-based Open RAN supplier over foreign giants.
What would change this call
Airspan's FY2026 revenue print versus its own 25-30% growth guidance. Miss would show customer wins are not materializing despite bankruptcy reset and government support.
Nokia or Ericsson announces a shipped, commercial AI-RAN software product (e.g. MantaRay rollout). Confirms incumbents are capturing the software layer Airspan has not yet built.
Any renewal or expansion of Airspan's Fortress credit-line drawdown beyond the initial $20M. Would indicate cash strain despite claimed profitability.
Nokia or Ericsson announces a shipped, commercial AI-RAN software product (e.g. MantaRay rollout). Confirms incumbents are capturing the software layer Airspan has not yet built.
Any renewal or expansion of Airspan's Fortress credit-line drawdown beyond the initial $20M. Would indicate cash strain despite claimed profitability.
Key numbers
- FY2025 revenue over $115M, up 20%+
- $42.7M NTIA grant for US Open RAN radios
- Five vendors control 93% of RAN market
Named risks
- 93% of RAN sales controlled by five incumbents leaves Airspan a niche player in a shrinking Open RAN segment.
- No evidence of a shipped AI-RAN software layer while Nokia, Ericsson and NVIDIA advance AI-native RAN offerings.
- Post-bankruptcy financials are vendor-reported and unaudited, with prior credit-line draws signaling possible cash stress.
- Headcount estimates conflict widely (roughly 428 to 927 across sources), making workforce stability hard to verify.
- SmartSky Networks patent litigation against ATG partner Gogo could affect Airspan's air-to-ground business economics.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| Ericsson | losing to | Ericsson part of duopoly holding 93% RAN share and running AI-native scheduler trials in 2025 |
| Nokia | losing to | Nokia's MantaRay AI-driven SON platform gives it an AI-RAN edge as of Sept 2025 |
| Mavenir | gaining on | Mavenir exited the RAN hardware business in 2025, opening space Airspan is targeting |
| NEC | gaining on | NEC winding down RAN ambitions per June 2026 Juniper Research leaderboard |
| NVIDIA | losing to | NVIDIA's Aerial/Grace Hopper AI-RAN stack shown with Capgemini at MWC 2025 and 2026, no Airspan equivalent found |
Questions people ask
- Is Airspan Networks profitable in 2026?
- Airspan's own February 9, 2026 press release claims FY2025 revenue of over $115M with operating profitability and 25-30% growth guidance for 2026, but these figures are vendor-reported and not independently audited.
- Who owns Airspan Networks now?
- Airspan emerged from Chapter 11 bankruptcy on October 11, 2024 as a private company majority-owned by affiliates of Fortress Investment Group, after eliminating roughly $205M in funded debt.
- Did Airspan Networks go bankrupt?
- Yes. Airspan filed prepackaged Chapter 11 bankruptcy in Delaware on March 31/April 2024; the plan was confirmed June 28, 2024 and became effective October 11, 2024.
- Who is Airspan Networks' biggest competitor?
- Ericsson and Nokia dominate, with five vendors controlling 93% of RAN sales in Q1 2025 per Omdia data cited by Light Reading, leaving Open RAN specialists like Airspan roughly 7% of the market.
- Could AI replace Airspan Networks?
- AI-RAN software from Nokia (MantaRay) and Ericsson (AI-native scheduler trials in 2025) threatens the value layer above radio hardware; as of July 2026 no evidence shows Airspan has shipped a comparable AI-RAN offering.
- Does Airspan Networks have US government contracts?
- Yes. Airspan received a $42.7M NTIA Public Wireless Supply Chain Innovation Fund grant (January 13, 2025) and, with Fortress Solutions, completed the first US-designed and assembled O-RAN radio under the NTIA NOFO 2 program on February 18, 2026.
Timeline
- 2026-06-03Airspan joins ARES consortium with Oramach/iVent Mobile for defense communications
- 2026-02-18Completes first US-designed and assembled O-RAN radio under NTIA NOFO 2 program
- 2026-02-09Reports FY2025 revenue over $115M and guides to 25-30% 2026 growth
- 2025-04-01Completes acquisition of Corning's wireless (DAS/SpiderCloud) business
- 2025-03-04Agrees to acquire Jabil's Open RAN radio portfolio and R&D team
- 2025-01-13Awarded $42.7M NTIA PWSCIF grant for US-based Open RAN radio development
- 2024-10-11Emerges from Chapter 11 as private company majority-owned by Fortress
- 2024-06-28Reorganization plan confirmed, up to $95M new equity financing
- 2024-04-03Files prepackaged Chapter 11 bankruptcy in Delaware
- 2021-08Goes public on NYSE American as MIMO via SPAC merger
Revision history
25 July 2026
First assessed. Protection under test. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- Airspan Networks
- Airspan files for Chapter 11 bankruptcy, issues restructuring plan (2024-04-03)
- Airspan Announces Successful Confirmation to Receive Up to $95 Million in New Equity Financing and Eliminate a (2024-06-28)
- Airspan Completes Strategic Transition for Long-Term Success (2024-10-11)
- Airspan seeks to capitalize on 5G exits of Mavenir and NEC (2026-01-21)
- Airspan Networks Enters 2026 with Strong Growth and Profitability (2026-02-09)
- Airspan Networks Enters 2026 with Strong Growth and Profitability (2026-02-09)
- $42.7 Million NTIA Grant Received for Advancing Open RAN Technology Development (2025-01-13)
- Airspan Completes Acquisition of Corning's Wireless Business (2025-04-01)
- Airspan Expands Open RAN Leadership with Acquisition of Jabil's Radio Portfolio, IPR, and R&D Team (2025-03-04)
- Fortress Solutions Completes First U.S.-Designed and Assembled O-RAN Radio for NTIA NOFO 2 Program in Partners (2026-02-18)
- How Ericsson and Nokia vanquished the open RAN threat (2025-06-26)