Some market observers feel that the excitement surrounding this has more to do with Craig McCaw at the helm than with anything in particular about the company. Mr. McCaw sold his last company for $11.5 billion to AT&T Wireless. Other take a jaundiced view of Clearwire's move so quickly into the public markets.
Below is a summary of their most recent S-1 filing:
Business Overview (from prospectus)
We build and operate next generation wireless broadband networks that enable fast, simple, portable, reliable and affordable Internet communications. Our wireless broadband networks cover entire communities and deliver a high-speed Internet connection that not only creates a new communications path into the home or office, but also provides a broadband connection anytime and anywhere within our coverage area. We intend to evolve our network and the services we provide to facilitate a greater range of mobile communications services than we currently offer.
Our current service is both competitive with and complementary to existing wireline and wireless networks. Our subscribers may access the same rich content, applications and services as subscribers of wireline broadband services, while also experiencing much of the freedom and flexibility that large scale wireless networks enable. We believe our network combines some of the best features of cellular, cable modem, digital subscriber line, or DSL, and wireless fidelity, or WiFi, networks into a single service offering that legacy networks do not currently match. As our capabilities evolve, we also expect to develop and offer additional innovative and differentiated products and services.
Offering: 20.0 million shares at $23.00-25.00 per share. Net proceeds of approximately $445 million will be used "for market and network expansion, spectrum acquisitions and general corporate purposes."
Lead Underwriters: Merrill Lynch, Morgan Stanley, J.P. Morgan
Financial Highlights:
Total revenues increased $66.7 million to $100.2 million in 2006 from $33.5 million in 2005. This result includes a $59.1 million increase in service revenue as we increased our subscriber base, as well as a $7.6 million increase in equipment revenue derived from NextNet operations... Total cost of goods and services increased $46.5 million to $70.1 million in 2006, from $23.6 million in 2005...As a result of the expansion in 2006 of our wireless broadband network and related subscriber growth, cost of service increased to $50.4 million in 2006 as compared to $13.1 million in 2005...[O]perating loss increased from $127.2 million in 2005 to $238.1 million in 2006...[O]ur net loss increased to $284.2 million in 2006 as compared to $140.0 million in 2005.
