Colorado cancels $100M BEAD award to Maverix Broadband over fund misuse
The Colorado Broadband Office canceled more than $100 million in grant funding, including a $103 million BEAD award, to Maverix Broadband after whistleblower reports led to an inquiry finding financial mismanagement and misuse of funds. No contract had been signed or BEAD funds disbursed to Maverix, and the state plans to rebid the roughly 10,000 affected locations to another provider.
Providers named: Maverix Broadband
Award amount: $103.0M
What this means for BEAD compliance
Maverix Broadband (award rescinded) and other Colorado BEAD-eligible or applicant ISPs who may compete for the roughly 10,000 reallocated locations.
Because no contract was signed and no BEAD funds were disbursed, active_deployment obligations such as milestone payment tracking and funding obligation deadlines never activated for Maverix; instead this is a pre_award failure tied to financial management vetting. The whistleblower-driven finding of fund misuse indicates a breakdown in internal controls and financial management attestations typically reviewed before contract execution, underscoring why Colorado's pre-award financial screening (questionnaires, letters of credit, default protection certifications) exists. Other providers bidding for the rebid should expect heightened scrutiny of their financial management and internal controls documentation given this precedent.
Opportunity: Colorado will rebid the roughly 10,000 locations previously awarded to Maverix, giving other BEAD-eligible ISPs in the state an opening to apply for this funding.
Analysis by BeadComply Compliance Intelligence, grounded in the BEAD requirements registry.
Won a BEAD award in Colorado? See Colorado's program status and compliance requirements →
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