Sizing Up Another BEAD Round Using the Ever-Changing BEAD Map

The Broadband Equity, Access, and Deployment program was designed to close the digital divide in the U.S., but the size and shape of that divide have changed dramatically since Congress created the program in November 2021. Private investment and other broadband programs have continued to connect locations, while BEAD, the largest-ever broadband grant program, has followed a circuitous path across two very different presidential administrations to finally get to the point of being able to dole out funds. As a result, far fewer locations remain unserved or underserved today, and those that remain tend to be harder and more expensive to reach.

• The number of locations still eligible for BEAD has fallen 69% since funding was initially allocated, extending the 65% decline we reported in July 2025. None of this is BEAD’s doing as ISPs have not sat idly by waiting for funding from this program.
• Looking only at the locations that needed BEAD in December 2022, 79% are now served, are no longer serviceable locations, or are covered by a federal program other than BEAD.
• Round One’s projects have been overtaken by this ceaseless buildout. 69% of projects receiving funds via BEAD Round One now have more than a fifth of their locations receiving 100/20 service, and 89% have more than a fifth at 25/3.
• Looking ahead to BEAD Round Two, we estimate that 1,041,099 locations will appear on NTIA’s supplemental lists.
• Further, we estimate that the amount of supplemental funding that will likely be made available by NTIA to serve these locations could be anywhere from $5.3B to $8.8B. An exact figure depends on several variables, notably whether provider matching funds count toward NTIA’s “average cost per location.” Dipping into remaining BEAD will reduce BEAD “savings” by 25% to 42%, leaving $12.2B to $15.7B unspent.