- $575 million investment to support Brightspeed’s fibre network expansion across 20 US states.
- Brightspeed aims to pass 3 million premises in the next five years, including rural and underserved areas.
What happened: Brightspeed secures $575M to expand fibre network
Brightspeed, a fibre internet provider, has secured $575 million in funding to accelerate its fibre network rollout. The company plans to extend its high-speed internet services to over 5 million homes and businesses across its 20-state footprint. This investment builds on the $3.7 billion raised last year, helping Brightspeed continue its ambitious plans for nationwide fibre coverage.
In 2022, Brightspeed acquired its ILEC (incumbent local exchange carrier) business from Lumen for $7.5 billion, allowing the company to expand its services across 20 states. With the new capital, Brightspeed aims to connect an additional 1 million homes in 2025, bringing its total reach to over 3 million by 2028. As of now, the company has already passed 2 million premises, focusing on areas where advanced broadband infrastructure has historically been scarce.
In addition to private investments, Brightspeed has secured over $295 million in public broadband grants to fund fibre expansion in underserved areas. The company’s network utilises XGS-PON technology to deliver symmetrical multi-gigabit speeds, available in more than 530 communities.
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Why it’s important
Brightspeed’s expansion plan is crucial for improving broadband access, especially in rural and suburban communities. With many areas still lacking reliable internet, the company’s efforts will help bridge the digital divide. Executive Chairman and CEO Michel Combes expressed confidence in the strategy, noting that the new funding underlines the strength of Brightspeed’s execution and its commitment to providing high-quality connectivity in underserved regions.
The company has also attracted substantial backing from the investment community, including a $500 million deal with Mubadala Investment Company, part of Abu Dhabi’s sovereign wealth fund. This investment highlights the growing belief in Brightspeed’s ability to deliver on its broadband goals, making it one of the top broadband builders in the US.
