CONX is a small, early-stage diversified holding company operating two businesses: spectrum-sharing technology and commercial real estate. Through RED Technologies, a Paris-based company acquired in late 2024, CONX runs cloud-based platforms that manage shared spectrum for wireless operators — specifically a Spectrum Access System (SAS) for the U.S. CBRS band, which dynamically allocates shared, unlicensed spectrum to prevent interference among users, and Television White Space (TVWS) databases in the U.S., UK, and Canada that let unlicensed devices use vacant UHF TV channels. The technology segment generates SaaS-style licensing and subscription fees, with revenue driven by the number of operators and devices on the platforms. CONX's real estate segment is a single ~207,000 sq. ft. office building in Littleton, Colorado, fully leased to an EchoStar subsidiary under a 10-year triple-net lease with 2% annual rent escalations. CONX's stated strategy is to acquire disruptive technologies and infrastructure assets in communications and connectivity. Both businesses are closely tied to Charles Ergen, who controls roughly 99% of CONX's voting power and also controls EchoStar and DISH. The real estate asset was purchased from EchoStar, EchoStar is the sole tenant, and CONX's corporate structure gives EchoStar first right of refusal on new opportunities before CONX can pursue them.