Brightspeed has secured an additional $575 million in capital to boost its ongoing fiber network buildout across 20 states. The funding adds to the $3.7 billion raised in 2024 and will fuel the company’s plan to bring high-speed fiber internet to over five million homes and businesses.
Brightspeed launched in October 2022 after Apollo Global Management acquired Lumen Technologies’ incumbent local exchange carrier (ILEC) operations—including copper and legacy fiber infrastructure—in 20 predominantly rural and suburban states for approximately $7.5 billion . Based in Charlotte, North Carolina, the company inherited operations from former companies like CenturyTel, Embarq, and Sprint’s local wireline services, spanning regions in the Midwest, Southeast, Mid‑Atlantic, and Texas, with dedicated units such as Brightspeed of Texas and Eastern Kansas . Under CEO Tom Maguire and originally led by Bob Mudge, both veterans of the Verizon Fios rollout, Brightspeed aimed to replace aging copper networks; only about 2–3 % of its territories had fiber when the acquisition closed, but a $2 billion investment plan targets fiber coverage to 50 % of its footprint—approximately 3 million premises—over a multi-year build . Its current deployment model leverages aerial and plug‑and‑play fiber techniques—minimizing splicing and eliminating centralized hubs—to speed installations and control costs while rolling out XGS‑PON, multi‑gigabit, symmetrical network infrastructure across its service areas .
“This new capital allows us to continue our aggressive fiber build strategy, bringing high-speed connectivity to communities that have historically lacked quality broadband options,” said Michel Combes, Executive Chairman and CEO of Brightspeed.
Brightspeed’s strategy is supported by strong private investment and public funding. To date, the company has secured over $295 million in broadband grants and subsidies, targeting unserved and underserved markets. Brightspeed plans to pursue additional subsidy opportunities to extend its network footprint even further.
- $575 million in new capital raised in June 2025
- $3.7 billion raised in 2024
- 2 million premises already passed with fiber
- 1 million additional homes targeted in 2025
- XGS‑PON network delivering symmetrical multi‑gigabit speeds
- $295 million in public grants and subsidies to date
- Operations across a 20‑state footprint, serving over 530 communities
“We are delivering results at scale and remain committed to maintain our strong build momentum,” added Combes.
