After making a spectacular stock market debut on October 28, Jio Platforms has become the world’s sixth most valuable listed telecom company in terms of market capitalization. It is the second most valuable telecom company in Asia after China Mobile. With this launch, the company is estimated to be valued at around $131 billion (roughly Rs. 12.5 lakh crore). China tops the mobile global rankings with a market capitalization of about $221 billion.

This is followed by Verizon ($182 billion), T-Mobile US ($157 billion), AT&T ($141 billion) and Germany’s Deutsche Telekom ($135 billion). With a valuation of around $131 billion, Jio Platforms has become one of the top 6 companies in the world. It has overtaken Bharti Airtel, which has a market capitalization of around $130 billion. This valuation is approximate and based on market-cap data as of October 28.

The IPO was something like this

Shares of Jio Platform Rs. 1,119 against the IPO price of Rs. 1,358, making it one of the most valuable telecom companies in the world. The listing follows India’s largest ever IPO, which raised Rs. 30,213 crore was collected. The issue was subscribed a total of 22.19 times with Qualified Institutional Buyers (QIBs) bidding 70.55 times more than the share reserved for them. The next phase of growth will depend on how Jio moves beyond connectivity and deploys and monetizes its own technology. Apart from this, the company will also expand into the areas of artificial intelligence (AI), cloud computing, enterprise services and satellite communication.

Work on many techniques

According to the company’s ‘Red Herring Prospectus’, as of June 30, 2026, it had filed 7,220 patent applications in the areas of 4G, 5G, 6G, cloud-native core networks, AI-based network automation and other digital technologies. Its technical capabilities include network infrastructure, devices, software and operating systems, which can reduce reliance on external vendors in key areas. These capabilities can partner internationally with technology licensing and operators looking for alternatives to traditional network vendors. Technology development and ownership does not mean that Jio manufactures every hardware component itself. Furthermore, its ability to translate these capabilities into a successful international business is yet to be proven.

The capex cycle is complete

Brokerage firm Nomura believes that Jio’s capital expenditure cycle is nearing completion. As investment intensity declines, this can pave the way for a strengthening of ‘free cash flow’ (available cash). If this happens, the company will have more financial flexibility to explore new growth opportunities. In addition, it will be able to get a better return on the huge investment made in its network infrastructure. Satellite communication (SATCOM) can be another means of expansion. Today, Satcom is not generating any major revenue, but it is a potential growth opportunity in the future.

Global operators are also looking for ways to move beyond traditional mobile services. AT&T and Verizon have expanded their presence in the fiber, enterprise connectivity and digital infrastructure sectors, while China Mobile has invested in computing and digital services. Jio could adopt a similar strategy – building profitable enterprise and cloud businesses, licensing its technology internationally and developing digital services around its large customer base.

Strong customer base

This customer base acts as a strong foundation. As of June 30, 2026, Reliance Jio Infocomm had 533.3 million subscribers, making it the second largest (concentrated in a single country) customer base in the world after China Mobile. As of March 31, 2026, Jio had 268.5 million 5G customers. The company claims it has the world’s largest 5G customer base outside of China. Because of its scale, Jio has the opportunity to develop and test its services in a wider market before expanding to other countries.

Keeping an eye on the global market

Jio Platforms Managing Director Akash Ambani said on Wednesday that Jio’s self-developed platforms are now serving more than 540 million customers. He further explained that the company built its capabilities from scratch, as pre-existing technology platforms were not designed for India’s scale. Now the challenge is to harness this large scale and technological potential to achieve sustainable growth outside India as well. Jio’s next phase will be judged not only by adding new customers or expanding its network, but also by how it can build an internationally competitive technology business and how much it can return on its investment.