Lumen Technologies is a fiber-based network infrastructure and digital services company focused on enterprise and wholesale customers. After divesting its consumer broadband business to AT&T in early 2026, Lumen operates as a pure-play enterprise networking company. Its core asset is an extensive fiber network spanning over 340,000 route miles globally, connecting approximately 163,000 enterprise buildings across 226 U.S. metro markets. Lumen sells connectivity services — including dark fiber, wavelength and optical transport, Ethernet, IP internet access, SD-WAN, VPN, managed security, and cloud on-ramps to AWS, Azure, and Google Cloud — to large enterprise, mid-market, public sector, and wholesale customers on multi-year contracts. A second major business line is Lumen's Private Connectivity Fabric (PCF) program, under which Lumen signs long-term contracts with hyperscalers and neoclouds to physically expand its intercity fiber network connecting data centers. Lumen has signed nearly $13B in PCF deals; these contracts are roughly 90% prefunded upfront, with revenue recognized as fiber is activated. Lumen also offers a newer Network-as-a-Service (NaaS) product that lets enterprise customers provision and manage connectivity on-demand through a cloud-like digital platform. Lumen sells primarily through a direct enterprise sales force, supplemented by channel partners. The company's near-term focus is ramping PCF revenue, growing NaaS adoption, targeting ~$1B in run-rate cost savings by end-2027, and shifting its revenue mix away from structurally declining legacy voice and private line products toward modern connectivity.