AT&T and BlackRock split a 50/50 fiber platform

AT&T will own 50% of a new open-access fiber joint venture, called Forged Fiber, that merges the Lumen consumer fiber assets it just acquired with the operator's existing Gigapower business, the carrier said on Oct. 6, 2026. A BlackRock subsidiary and a Canadian pension fund will hold the remaining 50%, according to the announcement.

The structure mirrors the original Gigapower vehicle that AT&T launched in 2023 to wholesale fiber capacity to multiple internet providers in markets where it does not plan to build its own retail network.

What assets does the new JV cover?

The combined platform will pull together three pools of fiber:

• AT&T's existing Gigapower footprint in 20+ metro markets, where the wholesale model already serves multiple ISPs.
• Lumen's consumer fiber business that AT&T closed in a $5.75 billion deal earlier in 2026.
• Future build-out capital funded by the new investors.

AT&T has previously said it remains on track to pass 8 million fiber locations this year and 60 million by 2030. The Lumen deal and the new capital partnership are central to that trajectory.

Why is the open-access model central here?

Gigapower was designed so multiple retail ISPs can ride the same physical fiber, a structure the operator and its partners view as a way to spread build costs and accelerate subscriber growth. The venture signed its second wholesale tenant in 2025, an early signal that the model can attract more than one anchor ISP per market.

By folding the Lumen assets into the same wholesale chassis, AT&T is signaling that the open-access approach, not direct retail ownership of the Lumen footprint, is the preferred vehicle for monetizing the new markets.

Who is providing the capital?

The BlackRock subsidiary and the Canadian pension fund are taking equal economic stakes in the JV. CPP Investments, identified in coverage of the deal, is one of the largest pension managers in North America. Together with BlackRock, they bring infrastructure-scale patient capital to a build cycle that AT&T has consistently framed as multi-year and capex-heavy.

The $5.75 billion price AT&T paid for Lumen's consumer fiber business was the second leg of the transaction stack; the new JV is the third. AT&T has not disclosed the total enterprise value of Forged Fiber or the cash contribution from the BlackRock-led group.

What changes operationally?

For AT&T, the practical effect is that a large slice of its consumer fiber base now sits in a wholesale vehicle in which it is a co-owner rather than the sole retail operator. Retail service can still be sold under the AT&T brand, but the underlying network is now jointly governed and open to other ISPs on commercial terms.

For competitors in markets where Gigapower already operates, the arrival of Lumen-derived footprint could either add a new wholesale option or, depending on how AT&T positions its own retail offering, raise overlap questions in the same geography.

What comes next?

The closing of the Forged Fiber JV is subject to customary regulatory review. AT&T has not given a target close date in the release, but it has tied the vehicle to its 60-million-location 2030 ambition, which sets a clear external benchmark for the next four years of build, customer additions and wholesale tenant sign-ups.