- Talks focus on approximately 30% as a minority holding alongside multi-year wholesale arrangements.
- Earlier disclosures put the JV’s planned footprint at about 3.6 million premises across Spain.
What happened: AXA IM in advanced talks over Spanish FibreCo stake
The latest TelcoTitans readout indicates AXA Investment Managers remains the likeliest financial partner for the new Telefónica–Vodafone Spain FibreCo, with discussions described as advanced. The structure reportedly involves a significant minority position, preserving operator control while injecting capital for rollout.
Independent reporting adds useful detail: the Financial Times flagged AXA IM’s pursuit of roughly 30%, and DataCenterDynamics noted the talks could be worth “hundreds of millions of euros”, with Telefónica retaining majority control.
Also read: Vodafone and Three to overhaul infrastructure for smarter growth
Also read: Vodafone launches $545M buyback after growth
Why it’s important
CoreWeave’s momentum shows specialist GPU clouds can prise workloads from hyperscalers, yet profitability and power access remain pressure points. Investors will watch whether rapid scale converts to margin as grid connections lag, energy costs fluctuate, and customer concentration risk persists.
More broadly, AI infrastructure growth now hinges on power, financing and long-term leases as much as chips. Multi-hundred-megawatt deals and PPAs can bridge supply gaps, but at costs that may strain unit economics if demand normalises. The next quarters will test balance-sheet resilience and pricing discipline.
