Starry
The business, the turning points, and the decisions behind them.
01 / WHAT IT BUILT
What the company did
Starry was a Boston-based fixed wireless internet provider founded in 2014 by Chet Kanojia (co-founder of Aereo). Instead of fiber cables, Starry beamed gigabit-speed broadband using millimeter-wave technology from rooftop antennas directly into apartments - promising high-speed home internet at a fraction of wired broadband's price. The company went public via a SPAC merger with FirstMark Horizon Acquisition Corp in March 2022, served about 100,000 customers across Boston, Denver, Los Angeles, New York, and Washington DC, and filed for Chapter 11 bankruptcy in February 2023. It emerged as a private company later that year and was acquired by Verizon in October 2025.
02 / Starry FAILURE REASONS
Failure reasons
Starry was destroyed by the economics of building a wireless network. Millimeter-wave broadband needs clear line of sight between transmitter and receiver, and analysts noted 'the physics are tough to overcome, and technology has been slow to improve here' - an expensive infrastructure buildout that never reached enough paying customers to cover its cost. The March 2022 SPAC merger raised limited capital and the stock collapsed to penny-stock territory as the company bled money: in October 2022 Starry filed a WARN notice laying off 49 employees citing 'financial difficulties', and in December 2022 it was sued for $120,000 in unpaid rent. With roughly $287 million in debt obligations and no path to profitability, it filed for Chapter 11 on February 20, 2023.
03 / EVENT HISTORY
Events in the structured record
- Company founded
Chet Kanojia founded Starry in Boston to deliver affordable high-speed home broadband via millimeter-wave fixed wireless.
- SPAC merger
In March 2022 Starry went public through a SPAC merger with FirstMark Horizon Acquisition Corp; the stock soon collapsed to penny-stock territory.
- Layoffs and lawsuits
On October 20, 2022 Starry filed a WARN notice laying off 49 employees due to 'financial difficulties'; in December 2022 it was sued for $120,000 in unpaid rent.
- Chapter 11 bankruptcy
On February 20, 2023 Starry filed voluntary Chapter 11 petitions in Delaware with about $287 million in debt obligations.
- Bankruptcy exit
The reorganization plan was confirmed on May 26, 2023: lenders swapped debt for 100% of the new company's equity, wiping out prior shareholders, and Starry emerged as a private company with co-founder Alex Moulle-Berteaux as CEO.
- Verizon acquisition
In October 2025 Verizon agreed to acquire Starry to expand fixed wireless in multi-dwelling units; the deal is expected to close in 2026.
04 / CONTEMPORARY REBUILD ASSESSMENT
Difficulty of rebuilding this project today
Material for this section is being gathered and checked. It will appear here once ready.
Overall assessment: Not completed
05 / CAUSAL CHAIN
How the factors connect
- 01
On February 20, 2023 Starry filed voluntary Chapter 11 petitions in Delaware with approximately $287 million in prepetition debt obligations.
- 02
The May 2023 confirmed reorganization was a debt-for-equity swap: lenders took 100% of the reorganized company's equity and prior public shareholders were wiped out entirely; the company stopped trading on the OTC market.
- 03
It emerged as a privately held company serving about 100,000 customers in five cities, with co-founder Alex Moulle-Berteaux as CEO and Chet Kanojia on the board.
- 04
In October 2025 Verizon agreed to acquire Starry (terms undisclosed, expected to close in 2026).