AT&T and BlackRock Form Joint Venture to Create Gigapower Fiber Network

AT&T, one of the largest investors in fiber in America, and BlackRock, one of the largest investors in infrastructure, have teamed up to form Gigapower, LLC, a joint venture to provide a state-of-the-art fiber network to internet service providers and other businesses in select metro areas throughout the country using a commercial wholesale open access platform.

The joint venture will operate as a commercial wholesale open access fiber network, with AT&T as its first tenant. The partnership will enable AT&T to expand the number of customers and communities with access to its award-winning fiber internet service, AT&T Fiber, while BlackRock brings significant expertise, capital and a commitment to invest in future-proof access technology led by best-in-class operating teams.

AT&T is already the nation’s largest fiber internet provider, with plans to pass 30 million-plus consumer and business locations in its traditional service areas by the end of 2025. With the help of Gigapower, the company aims to expand its fiber service reach beyond its traditional service areas to deliver state-of-the-art broadband access technologies to more communities across the country.

Gigapower has big plans to deploy multi-gig fiber to many more cities across the country, with partnerships with communities like Las Vegas and others essential to building its fiber network and creating a commercial wholesale open access platform that will benefit consumers and businesses across the U.S. The company also plans to build fiber in parts of Northeastern Pennsylvania (including Wilkes-Barre and Scranton) as well as parts of Alabama and Florida that are outside AT&T’s current service areas.

“Connecting Las Vegas is more important than ever. From families, students, workers, consumers, and small and large businesses, access to the latest broadband technology will elevate our community and economy, paving the way to a strong future,” said Carolyn G. Goodman, Mayor of Las Vegas.

The closing of the Gigapower joint venture does not impact AT&T’s 2023 guidance, including for capital investment and free cash flow, which was announced in January 2023 and affirmed in April 2023, which the company continues to expect to meet.