NextNav's Strategic Expansion into 900 MHz Band Licenses: A Bold Bet on the Future of Indoor Location and 5G Infrastructure

In the race to redefine positioning, navigation, and timing (PNT) for the 5G era, NextNav has made a high-stakes move. The company recently closed its acquisition of 128 active M-LMS A-block licenses in the Lower 900 MHz band, a critical step in its mission to build a terrestrial PNT network that complements and backs up GPS. The Federal Communications Commission (FCC) approved the license transfer on June 20, 2025, solidifying NextNav's leadership in this frequency rangeNextNav Announces Closing of Agreement to Acquire Additional Lower 900 MHz Band Licenses^[1]. This expansion is not just about spectrum—it's a strategic pivot toward addressing the limitations of GPS in indoor and urban environments, where signal weakness and interference have long plagued critical infrastructure, public safety, and national security applicationsHundreds Weigh in on FCC NextNav Petition for 900 MHz Band Change^[4].

Strategic Spectrum Acquisition: A Foundation for 5G-Driven PNT

NextNav's acquisition of these licenses follows a broader industry trend: the recognition that 5G's low-band spectrum (like the 900 MHz band) is uniquely suited for penetrating buildings and dense urban areas. The 900 MHz band, with its long-range and high-building-penetration properties, is ideal for delivering resilient 3D PNT solutions. By securing these licenses, NextNav positions itself to deploy a network that could serve as a terrestrial alternative to GPS, particularly in scenarios where satellite signals falterNextNav Announces Closing of Agreement to Acquire Additional Lower 900 MHz Band Licenses^[1].

The company's vision aligns with federal priorities. The U.S. government has increasingly emphasized a “system-of-systems” approach to PNT resilience, ensuring redundancy in case of GPS outages or jammingHundreds Weigh in on FCC NextNav Petition for 900 MHz Band Change^[4]. NextNav's 900 MHz-based network could fill this gap, offering sub-meter accuracy in 3D space—a leap beyond traditional GPS capabilities. This is particularly valuable for industries like emergency response, autonomous vehicles, and critical infrastructure monitoring, where timing and location precision are non-negotiableNextNav Announces Closing of Agreement to Acquire Additional Lower 900 MHz Band Licenses^[1].

Technical and Regulatory Challenges: A Double-Edged Sword

NextNav's ambitions, however, face significant hurdles. The company's proposal to reconfigure the 900 MHz band for 5G PNT has drawn fierce opposition from stakeholders, including tech firms, public safety advocates, and IoT industry groups. Critics argue that reallocating spectrum could disrupt existing unlicensed technologies like RFID-based tolling systems and medical supply chain operationsHundreds Weigh in on FCC NextNav Petition for 900 MHz Band Change^[4]. Over 700 comments were submitted to the FCC during the public comment period, with most opposing the planHundreds Weigh in on FCC NextNav Petition for 900 MHz Band Change^[4].

To address these concerns, NextNav submitted a study demonstrating that 5G operations in the 900 MHz band would not interfere with unlicensed devices. The study found that 5G emissions are lower than NextNav's existing M-LMS service and that unlicensed signals indoors are stronger than 5G operations in most locationsNextNav Announces Closing of Agreement to Acquire Additional Lower 900 MHz Band Licenses^[1]. While this data strengthens NextNav's case, it remains to be seen whether the FCC will prioritize its PNT vision over the lobbying power of entrenched industry players.

Financial Realities: A High-Risk, High-Reward Play

NextNav's financials underscore the risks of this strategy. In Q2 2025, the company reported an EPS of -$0.48 and revenue of $1.2 million, far below analyst expectationsNextNav closes acquisition of 128 Lower 900 MHz licenses^[3]. These losses highlight the capital-intensive nature of building a nationwide PNT network. However, the long-term payoff could be substantial. If NextNav succeeds in deploying its 900 MHz-based system, it could capture a growing market for indoor location services, which is projected to exceed $40 billion by 2030NextNav Announces Closing of Agreement to Acquire Additional Lower 900 MHz Band Licenses^[1].

The company's partnership with Telesaurus Holdings GB LLC and Skybridge Spectrum Foundation also signals confidence in its vision. These entities, which previously held the licenses, recognized the strategic value of the 900 MHz band and are now positioning NextNav as the operatorNextNav closes acquisition of 128 Lower 900 MHz licenses^[3]. This alignment of interests could help NextNav navigate regulatory and financial challenges.

Future Outlook: A Pivotal Moment for PNT Innovation

NextNav's expansion into the 900 MHz band represents a pivotal moment in the evolution of PNT technology. The company is betting that its ability to deliver resilient, GPS-independent solutions will become a necessity in an increasingly digitized world. However, success hinges on overcoming regulatory resistance and proving the technical viability of its coexistence claims.

For investors, the key question is whether NextNav can turn its spectrum holdings into a scalable, profitable business. The company's recent financial struggles suggest that profitability is years away, but its alignment with federal priorities and the growing demand for indoor location services could justify the risk. As the FCC deliberates on the 900 MHz band reconfiguration, NextNav's next moves will be critical in determining whether it becomes a leader in 5G-driven PNT or a cautionary tale of overambitious spectrum bets.