Cogent Communications is a facilities-based ISP that sells high-speed internet access, private networking, optical wavelength transport, and data center colocation to businesses and carriers across 57 countries. Cogent operates through three core customer types: corporate (small-to-medium businesses in multi-tenant office buildings purchasing dedicated internet access), net-centric (ISPs, mobile operators, CDNs, and hyperscalers purchasing IP transit and wavelength services), and enterprise (large corporations with wide-area networks). In 2023, Cogent acquired Sprint's U.S. long-haul fiber network from T-Mobile for $1, adding ~23,500 route miles of owned fiber and enabling Cogent to launch optical wavelength services — point-to-point high-capacity transport sold to carriers and hyperscalers. Cogent's business model centers on fixed monthly recurring fees for bandwidth, with profitability driven by the distinction between on-net services (where Cogent owns the last-mile fiber, carrying no third-party access costs) and off-net services (where Cogent leases circuits from other carriers). Cogent has been deliberately shifting its revenue mix toward on-net. Beyond connectivity, Cogent leases IPv4 addresses from a ~38M address portfolio, one of its highest-margin revenue streams. Cogent also operates 187 of its own data centers and is marketing 24 surplus Sprint-acquired facilities for sale or wholesale lease. The cost structure is largely fixed, creating operating leverage as revenue scales. Cogent's growth strategy focuses on wavelength market penetration, continued on-net mix shift, and expanding IPv4 leasing.