AT&T Inc. (NYSE:T) affiliates and affiliates of Global Infrastructure Partners (“GIP”), a part of BlackRock, and Canada Pension Plan Investment Board (“CPP Investments”) have agreed to form a new U.S. fiber joint venture (the “JV”) to bring fiber to more homes across the country.
The JV will operate as a leading wholesale fiber commercial open access company and will include Forged Fiber 37 – the newly created subsidiary holding the fiber build engine, network assets, and operations that AT&T recently acquired from Lumen, and Gigapower – AT&T’s existing wholesale fiber joint venture with GIP.2
The investments by AT&T – America’s largest fiber provider – and GIP and CPP Investments will enable the planned acceleration of fiber builds in more communities across the country. The JV will help accelerate delivery of critical infrastructure needed to help meet America’s growing demand for high-performance advanced connectivity as AI begins to reshape network traffic. This supports AT&T’s plans to reach more than 60 million fiber locations by the end of 2030.3
The JV’s well-established fiber construction capabilities from Forged Fiber 37 and Gigapower will help AT&T continue to efficiently expand its fiber service beyond its traditional service areas. Partnering with GIP and CPP Investments underscores market confidence in AT&T’s strategy and ongoing fiber build while providing AT&T with a capital-light path to further expand its fiber service in major metro areas across 16 states, including Arizona, Colorado, Florida, Oregon, and Washington. Pairing the JV’s fiber build capabilities with AT&T’s extensive distribution will enable AT&T to continue offering more customers fiber internet and 5G wireless connectivity and grow its base of high-value converged customers.
Read the full press release here.
2 On February 2, 2026, AT&T closed its transaction with Lumen Technologies, Inc. (Lumen) and acquired substantially all of Lumen’s Mass Markets fiber business. The acquisition included customer relationships, which the Company includes with its advanced home internet services, and fiber network assets that were placed in a wholly owned subsidiary, Forged Fiber 37 Services, LLC.
3 Total consumer and business locations reached with fiber represents the sum of: (1) AT&T Owned and Operated locations, which reflect its customer locations passed by AT&T’s fiber network and (2) AT&T Fiber Ventures locations, which represent locations served from the acquired mass markets fiber business, Gigapower, and other commercial open access providers.
