Communications research
The Fiber Money Map: Investor-Backed Builders in 128 U.S. Metros
In 85 U.S. metros, fiber builders funded by wireless carriers’ partners, buyout firms and infrastructure funds already reach at least one address in five. Most are small metros, 72 of them, and every type of incumbent operates there.
Outside the big telcos and cable companies, a growing share of America’s fiber is built with outside money: partners of the national wireless carriers, buyout firms and infrastructure funds. That money is concentrated. In 85 metros, builders it funds already reach at least one address in five, and 72 of those metros are small. A few of the builders are under financial strain, and their networks are changing hands.
Figure 1. The 25 metros where investor-backed builders reach the largest share of addresses
Reached by healthy buildersReached only by builders under strain
Cite this chart: G2M Insights, "The Fiber Money Map: Investor-Backed Builders in 128 U.S. Metros," G2M Communications Research, edition fiber-money-map-2025-12-v1, g2m.ai/research/communications/fiber-money-map.
All 128 metros where investor-backed builders reach 10 percent or more
| Metro | Addresses | Reached | By wireless carriers’ partners | By builders under strain | Leading builder | Builders present |
|---|---|---|---|---|---|---|
| Lincoln, NE | 114,034 | 88.8% | 0.0% | – | ALLO Fiber | 1 |
| Bloomington, IL | 59,716 | 72.3% | 64.4% | – | Metronet | 2 |
| Columbia, MO | 74,282 | 72.2% | 0.2% | – | Socket Fiber | 2 |
| Champaign-Urbana, IL | 74,950 | 66.8% | 44.4% | – | i3 Broadband | 2 |
| Brunswick, GA | 52,709 | 66.6% | 0.0% | – | LiveOak Fiber | 2 |
| Amarillo, TX | 106,622 | 66.3% | 66.3% | – | Metronet | 1 |
| Lexington-Fayette, KY | 181,377 | 63.4% | 63.4% | – | Metronet | 1 |
| Davenport-Moline-Rock Island, IA-IL | 152,465 | 62.6% | 62.6% | – | Metronet | 1 |
| Grand Island, NE | 30,314 | 59.2% | 0.0% | – | ALLO Fiber | 1 |
| Yuma, AZ | 81,181 | 58.5% | 0.0% | – | ALLO Fiber | 1 |
| Terre Haute, IN | 79,576 | 58.1% | 0.0% | – | Joink | 1 |
| Abilene, TX | 72,650 | 56.0% | 56.0% | – | Metronet | 1 |
| Wichita Falls, TX | 61,477 | 55.3% | 55.3% | – | Metronet | 1 |
| Greenville, NC | 64,252 | 54.0% | 54.0% | – | Metronet | 1 |
| Lubbock, TX | 127,320 | 53.9% | 53.9% | – | Metronet | 2 |
| Lake Charles, LA | 82,947 | 53.4% | 30.4% | 22.9% | Metronet | 3 |
| San Angelo, TX | 48,678 | 53.3% | 53.3% | – | Metronet | 1 |
| Fayetteville, NC | 199,024 | 52.9% | 52.1% | 0.8% | Metronet | 5 |
| Rochester, MN | 86,649 | 51.8% | 51.8% | – | Metronet | 1 |
| Des Moines-West Des Moines, IA | 252,702 | 51.7% | 51.7% | – | Metronet | 1 |
| Crestview-Fort Walton Beach-Destin, FL | 130,990 | 51.6% | 0.0% | – | LiveOak Fiber | 2 |
| Lafayette-West Lafayette, IN | 77,221 | 51.4% | 49.1% | – | Metronet | 2 |
| Alexandria, LA | 60,147 | 49.0% | 37.0% | 0.1% | Metronet | 3 |
| Lake Havasu City-Kingman, AZ | 123,147 | 46.7% | 0.0% | – | ALLO Fiber | 1 |
| Sioux City, IA-NE-SD | 56,054 | 46.5% | 45.7% | – | Metronet | 2 |
| Peoria, IL | 171,194 | 45.7% | 45.5% | – | i3 Broadband | 2 |
| Tallahassee, FL | 137,704 | 45.1% | 44.0% | – | Metronet | 3 |
| New Bern, NC | 57,589 | 45.1% | 45.1% | – | Metronet | 1 |
| Punta Gorda, FL | 107,423 | 44.2% | 39.5% | – | Ripple Fiber | 4 |
| Savannah, GA | 151,335 | 44.1% | 0.0% | – | ClearWave Fiber | 4 |
| Kankakee, IL | 42,356 | 42.7% | 0.0% | – | Pavlov Media | 2 |
| Elkhart-Goshen, IN | 75,461 | 42.6% | 0.3% | – | Surf Internet | 2 |
| Rochester, NY | 381,234 | 41.8% | 41.8% | – | Greenlight Networks | 2 |
| Omaha-Council Bluffs, NE-IA | 336,331 | 41.0% | 12.7% | 6.2% | Metronet | 4 |
| Greeley, CO | 118,766 | 41.0% | 5.5% | – | ALLO Fiber | 2 |
| Jonesboro, AR | 51,386 | 40.1% | 0.0% | – | Rightfiber | 1 |
| Waterloo-Cedar Falls, IA | 67,589 | 39.7% | 39.7% | – | Metronet | 1 |
| Yuba City, CA | 56,712 | 39.1% | 0.0% | – | Race Communications | 1 |
| Lansing-East Lansing, MI | 190,099 | 39.0% | 36.2% | – | Metronet | 2 |
| Tyler, TX | 89,766 | 38.7% | 38.7% | – | Metronet | 1 |
| New Haven-Milford, CT | 245,764 | 38.4% | 38.4% | – | GoNetspeed | 1 |
| Deltona-Daytona Beach-Ormond Beach, FL | 292,948 | 38.1% | 19.7% | – | Wire 3 | 4 |
| Ames, IA | 40,971 | 38.1% | 38.1% | – | Metronet | 1 |
| Hartford-East Hartford-Middletown, CT | 372,682 | 37.5% | 37.5% | – | GoNetspeed | 1 |
| Binghamton, NY | 91,293 | 37.2% | 36.5% | – | Greenlight Networks | 2 |
| Greensboro-High Point, NC | 289,512 | 36.7% | 36.7% | – | Lumos | 1 |
| Michigan City-La Porte, IN | 46,793 | 36.4% | 0.0% | – | Surf Internet | 1 |
| Kokomo, IN | 36,526 | 36.0% | 36.0% | – | Metronet | 1 |
| Laredo, TX | 75,971 | 35.3% | 35.3% | – | Metronet | 1 |
| St. Joseph, MO-KS | 50,910 | 35.2% | 35.2% | – | Metronet | 1 |
| Jacksonville, NC | 77,082 | 34.7% | 34.7% | – | Metronet | 1 |
| Burlington, NC | 66,928 | 34.5% | 34.5% | – | Lumos | 2 |
| Hinesville, GA | 29,927 | 34.1% | 0.0% | – | ClearWave Fiber | 2 |
| Pine Bluff, AR | 38,056 | 32.6% | 0.0% | – | Rightfiber | 2 |
| Staunton, VA | 50,518 | 32.6% | 32.6% | – | Lumos | 1 |
| Valdosta, GA | 56,304 | 31.4% | 0.0% | – | ClearWave Fiber | 1 |
| Dayton-Kettering, OH | 310,911 | 31.3% | 30.0% | – | Metronet | 2 |
| Rockford, IL | 125,528 | 29.9% | 28.9% | – | Metronet | 3 |
| Medford, OR | 84,076 | 29.1% | 0.0% | – | Hunter Communications | 1 |
| Jefferson City, MO | 63,002 | 28.9% | 0.0% | – | Socket Fiber | 1 |
| Grants Pass, OR | 36,001 | 28.7% | 0.0% | – | Hunter Communications | 1 |
| College Station-Bryan, TX | 89,351 | 28.5% | 28.5% | – | Metronet | 1 |
| Killeen-Temple, TX | 170,251 | 28.3% | 9.8% | – | Ubiquity | 2 |
| Mansfield, OH | 50,790 | 27.9% | 0.0% | – | Omni Fiber | 1 |
| Grand Rapids-Kentwood, MI | 361,522 | 27.3% | 18.6% | – | Metronet | 3 |
| Wichita, KS | 249,941 | 26.7% | 0.0% | – | IdeaTek | 1 |
| Lewiston-Auburn, ME | 39,841 | 26.6% | 26.6% | – | GoNetspeed | 1 |
| Indianapolis-Carmel-Anderson, IN | 770,903 | 26.3% | 26.2% | – | Metronet | 2 |
| Carbondale-Marion, IL | 61,351 | 25.7% | 0.0% | – | ClearWave Fiber | 1 |
| Bangor, ME | 59,148 | 25.7% | 25.7% | – | GoNetspeed | 1 |
| Daphne-Fairhope-Foley, AL | 110,895 | 25.4% | 0.0% | – | Point Broadband | 2 |
| Portland-South Portland, ME | 233,928 | 25.4% | 25.4% | – | GoNetspeed | 1 |
| Brownsville-Harlingen, TX | 137,980 | 25.0% | 6.6% | – | Omni Fiber | 2 |
| Gainesville, FL | 113,933 | 24.9% | 0.0% | – | IQ Fiber | 2 |
| Auburn-Opelika, AL | 63,441 | 24.5% | 0.0% | – | Point Broadband | 1 |
| Kingston, NY | 71,195 | 24.5% | 0.0% | – | Archtop Fiber | 1 |
| South Bend-Mishawaka, IN-MI | 127,721 | 24.1% | 12.4% | – | Metronet | 2 |
| Kalamazoo-Portage, MI | 88,972 | 23.9% | 22.1% | – | Metronet | 2 |
| Houston-The Woodlands-Sugar Land, TX | 2,218,495 | 23.8% | 0.0% | – | Ezee Fiber | 3 |
| Kingsport-Bristol, TN-VA | 142,763 | 23.7% | 0.0% | – | Point Broadband | 1 |
| Bridgeport-Stamford-Norwalk, CT | 254,018 | 20.5% | 20.5% | – | GoNetspeed | 2 |
| La Crosse-Onalaska, WI-MN | 50,356 | 20.2% | 20.2% | – | Metronet | 1 |
| Colorado Springs, CO | 252,693 | 20.2% | 13.9% | 9.0% | Metronet | 2 |
| Eugene-Springfield, OR | 136,206 | 20.2% | 0.0% | – | Hunter Communications | 1 |
| Columbia, SC | 333,029 | 20.1% | 20.1% | – | Lumos | 2 |
| McAllen-Edinburg-Mission, TX | 274,600 | 19.7% | 19.7% | – | Metronet | 1 |
| Buffalo-Cheektowaga, NY | 405,638 | 19.5% | 19.5% | – | Greenlight Networks | 2 |
| Springfield, IL | 89,685 | 19.4% | 19.4% | – | i3 Broadband | 1 |
| Charlottesville, VA | 82,886 | 19.4% | 3.5% | 16.1% | Ting | 2 |
| Winston-Salem, NC | 274,050 | 19.3% | 19.3% | – | Lumos | 2 |
| Spartanburg, SC | 141,875 | 18.9% | 18.9% | – | Lumos | 2 |
| Jacksonville, FL | 599,630 | 18.5% | 0.0% | – | IQ Fiber | 3 |
| Hagerstown-Martinsburg, MD-WV | 115,659 | 18.4% | 0.0% | – | Point Broadband | 1 |
| Wilmington, NC | 124,376 | 17.9% | 17.9% | – | Lumos | 2 |
| Rocky Mount, NC | 64,524 | 17.9% | 17.9% | – | Metronet | 2 |
| Port St. Lucie, FL | 208,124 | 17.7% | 0.0% | – | Blue Stream Fiber | 3 |
| Hammond, LA | 52,796 | 17.6% | 17.6% | – | Metronet | 1 |
| Gainesville, GA | 73,787 | 17.3% | 0.0% | – | Point Broadband | 2 |
| Youngstown-Warren-Boardman, OH-PA | 232,405 | 17.2% | 11.4% | – | Lumos | 2 |
| St. Louis, MO-IL | 1,077,734 | 17.1% | 9.0% | – | i3 Broadband | 4 |
| Naples-Marco Island, FL | 149,265 | 16.3% | 5.1% | – | Hotwire Communications | 3 |
| Midland, MI | 33,680 | 16.2% | 12.2% | – | Ripple Fiber | 2 |
| Las Cruces, NM | 79,065 | 16.1% | 16.1% | – | Metronet | 1 |
| Virginia Beach-Norfolk-Newport News, VA-NC | 578,782 | 16.0% | 16.0% | – | Metronet | 3 |
| Iowa City, IA | 56,382 | 15.2% | 15.2% | – | Metronet | 1 |
| Ithaca, NY | 30,091 | 14.7% | 6.2% | – | Point Broadband | 2 |
| Visalia, CA | 137,991 | 14.3% | 0.0% | – | Race Communications | 1 |
| Scranton--Wilkes-Barre, PA | 222,091 | 14.2% | 14.2% | – | Greenlight Networks | 1 |
| Goldsboro, NC | 51,639 | 14.1% | 14.1% | – | Lumos | 1 |
| Sierra Vista-Douglas, AZ | 55,503 | 13.5% | 0.0% | – | ALLO Fiber | 1 |
| Cape Coral-Fort Myers, FL | 337,723 | 13.3% | 4.9% | – | Hotwire Communications | 3 |
| Palm Bay-Melbourne-Titusville, FL | 251,071 | 13.2% | 0.0% | – | Wire 3 | 3 |
| Sherman-Denison, TX | 63,820 | 12.9% | 12.6% | – | Metronet | 3 |
| Battle Creek, MI | 53,567 | 12.9% | 12.9% | – | Metronet | 1 |
| Ocala, FL | 184,353 | 12.7% | 8.3% | – | Metronet | 3 |
| Hot Springs, AR | 46,874 | 12.4% | 12.4% | – | Ripple Fiber | 1 |
| Raleigh-Cary, NC | 498,008 | 12.2% | 4.1% | 7.8% | Ting | 3 |
| Homosassa Springs, FL | 86,339 | 11.8% | 11.8% | – | Lumos | 2 |
| Utica-Rome, NY | 111,647 | 11.8% | 11.8% | – | GoNetspeed | 1 |
| Columbus, GA-AL | 114,863 | 11.7% | 11.7% | – | Lumos | 1 |
| Springfield, MA | 218,042 | 11.5% | 10.1% | – | GoNetspeed | 2 |
| Panama City, FL | 85,223 | 11.5% | 0.0% | – | LiveOak Fiber | 3 |
| Minneapolis-St. Paul-Bloomington, MN-WI | 1,133,154 | 11.3% | 6.8% | – | Metronet | 2 |
| Pensacola-Ferry Pass-Brent, FL | 205,660 | 11.0% | 7.1% | – | Lumos | 3 |
| Hickory-Lenoir-Morganton, NC | 162,781 | 11.0% | 11.0% | – | Metronet | 2 |
| Mankato, MN | 36,377 | 10.5% | 10.5% | – | Metronet | 1 |
| Niles, MI | 71,410 | 10.4% | 0.0% | – | Surf Internet | 1 |
| Memphis, TN-MS-AR | 482,980 | 10.3% | 0.0% | 7.6% | Ting | 2 |
Cite this table: G2M Insights, "The Fiber Money Map: Investor-Backed Builders in 128 U.S. Metros," G2M Communications Research, edition fiber-money-map-2025-12-v1, g2m.ai/research/communications/fiber-money-map.
Investor-backed builders reach at least one in five addresses in 85 metros, and 72 of them are small metros
32 fiber builders with documented outside capital offer fiber to 7.7% of U.S. residential addresses. That national figure hides how concentrated they are. In 128 of the 392 metros they reach at least one address in ten, in 85 at least one in five, and in 57 at least three in ten.
The concentration sits in smaller metros. Of the 85 metros at one in five, 72 have fewer than 250,000 residential addresses. In Lincoln, Nebraska, ALLO Fiber reaches 89% of addresses. Only one of the 18 largest metros, Houston, is above one in five (24%).
Figure 2. Share of addresses investor-backed builders reach, by metro size
Cite this chart: G2M Insights, "The Fiber Money Map: Investor-Backed Builders in 128 U.S. Metros," G2M Communications Research, edition fiber-money-map-2025-12-v1, g2m.ai/research/communications/fiber-money-map.
Figure 2 data: metros by size and builder reach
| Metro size | Metros | At 10%+ | At 20%+ | At 30%+ | Share of addresses reached |
|---|---|---|---|---|---|
| Under 250,000 addresses | 306 | 104 | 72 | 50 | 12.2% |
| 250,000 to 1 million | 68 | 21 | 12 | 7 | 7.9% |
| Over 1 million | 18 | 3 | 1 | 0 | 5.1% |
Cite this table: G2M Insights, "The Fiber Money Map: Investor-Backed Builders in 128 U.S. Metros," G2M Communications Research, edition fiber-money-map-2025-12-v1, g2m.ai/research/communications/fiber-money-map.
If most of your footprint is in smaller metros, plan as if a funded fiber builder is already in your market or on its way, and measure how much of your footprint it reaches today.
Every type of incumbent meets these builders, regional telcos most often
Investor-backed builders offer fiber at 10.8% of the addresses regional telcos serve, and at 11.6% of the addresses where those telcos offer copper. Fixed wireless providers (9.5%) and regional cable (9.2%) are close behind. National cable meets them at 8.1% of its addresses and the national telcos at 5.9%. Co-ops, mostly rural, barely meet them at all (1.7%).
Figure 3. Share of each incumbent type’s addresses where an investor-backed builder offers fiber
Cite this chart: G2M Insights, "The Fiber Money Map: Investor-Backed Builders in 128 U.S. Metros," G2M Communications Research, edition fiber-money-map-2025-12-v1, g2m.ai/research/communications/fiber-money-map.
Figure 3 data: overlap by incumbent type
| Incumbent type | Addresses served | With builder fiber | With carrier-partner fiber | With strained-builder fiber |
|---|---|---|---|---|
| Regional telcos | 34,610,436 | 10.8% | 5.5% | 0.4% |
| Regional telcos, copper | 18,532,495 | 11.6% | 5.6% | 0.4% |
| Regional telcos, fiber | 17,129,006 | 10.0% | 5.5% | 0.3% |
| Fixed wireless providers | 18,693,019 | 9.5% | 4.2% | 0.1% |
| Regional cable | 24,623,190 | 9.2% | 4.7% | 0.2% |
| National cable | 71,376,722 | 8.1% | 4.5% | 0.3% |
| National telcos | 43,628,720 | 5.9% | 3.1% | 0.2% |
| Co-ops | 564,094 | 1.7% | 1.5% | 0.2% |
| All U.S. addresses | 114,547,297 | 7.7% | 3.9% | 0.2% |
Cite this table: G2M Insights, "The Fiber Money Map: Investor-Backed Builders in 128 U.S. Metros," G2M Communications Research, edition fiber-money-map-2025-12-v1, g2m.ai/research/communications/fiber-money-map.
The pattern follows where the builders go: smaller metros with an aging copper network and one cable company. That describes much of a regional telco’s footprint, and much of a regional cable company’s.
If you run copper in a smaller metro, your copper customers are the most likely to be offered investor-backed fiber first. Decide which of those areas you will upgrade, and which you will defend on price or service, before a builder arrives.
Four kinds of money are behind them, and the wireless carriers’ partners lead in most of these markets
The builders fall into four groups by who funds them.
- Wireless carriers’ partners. T-Mobile’s joint ventures with Metronet (with KKR) and Lumos (with EQT) closed in 2025. Ventures with GoNetspeed and Greenlight, and with i3 Broadband, were signed in April 2026 and have not yet closed. In each, the partner owns the network and T-Mobile sells the service; Metronet and Lumos customers are moving to the T-Mobile Fiber brand. Verizon now follows the same model: on October 13, 2026, Eaton Fiber, which builds for Verizon Fiber with $1.5 billion from Bain Capital and Tillman Global, completed its purchase of Ripple Fiber’s network, and Verizon took most of Ripple’s customers.
- Buyout firms. Oak Hill Capital stands out, with eight builders: GoNetspeed, Greenlight Networks, Race Communications, Omni Fiber, Wire 3, Socket Fiber, Hunter Communications, IdeaTek. GTCR and Berkshire Partners control Point Broadband, which merged with ClearWave Fiber in May 2026. Bain Capital backs Surf Internet, and Carlyle and Columbia Capital back Wyyerd Fiber.
- Infrastructure funds. I Squared (Ezee Fiber, which bought Tachus), SDC (IQ Fiber, and 48% of ALLO), Grain (Rightfiber, formed from Ritter and Great Plains), CBRE Investment Management (Gateway Fiber), Macquarie (Pavlov Media, SwyftFiber), Generate (Ubiquity), Blackstone (Hotwire), DIF (Joink) and InfraRed (LiveOak Fiber).
- Private credit and public markets. Post Road Group lends to Archtop Fiber, and Tucows owns Ting.
The carriers’ partners carry the most weight. Metronet alone is the leading builder in 36 of the 85 metros at one in five, and in 51 of them the carriers’ partners account for at least half of the investor-backed fiber, counting the deals not yet closed. Almost all of that is T-Mobile’s: its ventures alone pass the same test in 50 metros. Verizon’s partner is starting smaller, with 176,000 fiber addresses in metros, a third of the metro or more only in Punta Gorda, Florida. Either way, a national wireless carrier will be the retail brand on most of this fiber.
Figure 4. Fiber addresses in metros, by builder and backing
Wireless carrier partnerBuyout firmInfrastructure fundOther
Cite this chart: G2M Insights, "The Fiber Money Map: Investor-Backed Builders in 128 U.S. Metros," G2M Communications Research, edition fiber-money-map-2025-12-v1, g2m.ai/research/communications/fiber-money-map.
All 32 builders, with their backing
| Builder | Backing | Investors | Funding | Fiber addresses in metros | Metros at 10%+ |
|---|---|---|---|---|---|
| Metronet | T-Mobile venture | KKR and T-Mobile (50/50) | Normal terms | 2,388,615 | 54 |
| Lumos | T-Mobile venture | EQT Infrastructure and T-Mobile (50/50) | Normal terms | 595,628 | 18 |
| Ezee Fiber | Infrastructure fund | I Squared Capital (via Ezee Fiber) | Normal terms | 548,755 | 1 |
| GoNetspeed | T-Mobile venture, signed | Oak Hill Capital; T-Mobile JV signed April 2026 | Normal terms | 491,203 | 12 |
| ALLO Fiber | Infrastructure fund | SDC Capital Partners (48%) and Nelnet (45%) | Normal terms | 331,261 | 8 |
| Greenlight Networks | T-Mobile venture, signed | Oak Hill Capital; T-Mobile JV signed April 2026 | Normal terms | 286,873 | 4 |
| i3 Broadband | T-Mobile venture, signed | Wren House; T-Mobile JV signed April 2026 | Normal terms | 273,888 | 5 |
| Ting | Public company | Tucows Inc. | Under strain | 194,841 | 5 |
| Point Broadband | Buyout firm | GTCR and Berkshire Partners; Cable One minority | Normal terms | 185,214 | 11 |
| Wyyerd Fiber | Buyout firm | Carlyle and Columbia Capital | Normal terms | 184,790 | 0 |
| Ripple Fiber | Verizon partner (Eaton Fiber) | Eaton Fiber (Bain Capital and Tillman Global); Verizon took most customers | Normal terms | 176,375 | 11 |
| Ubiquity | Infrastructure fund | Generate Capital | Normal terms | 174,210 | 2 |
| Surf Internet | Buyout firm | Bain Capital and Post Road Group; Macquarie Capital led 2025-26 rounds | Normal terms | 170,157 | 10 |
| LiveOak Fiber | Infrastructure fund | InfraRed Capital Partners | Normal terms | 148,014 | 5 |
| IQ Fiber | Infrastructure fund | SDC Capital Partners | Normal terms | 141,352 | 3 |
| Hotwire Communications | Infrastructure fund | Blackstone Infrastructure Partners with the founders | Normal terms | 141,108 | 23 |
| Race Communications | Buyout firm | Oak Hill Capital | Normal terms | 135,267 | 2 |
| Gateway Fiber | Infrastructure fund | CBRE Investment Management | Normal terms | 134,105 | 3 |
| Omni Fiber | Buyout firm | Oak Hill Capital | Normal terms | 133,318 | 4 |
| ClearWave Fiber | Buyout firm | GTCR and Berkshire Partners (via Point Broadband merger) | Normal terms | 127,895 | 9 |
| Wire 3 | Buyout firm | Oak Hill Capital | Normal terms | 119,263 | 4 |
| Pavlov Media | Infrastructure fund | Macquarie Asset Management (preferred equity) | Normal terms | 98,383 | 5 |
| Open Infra | Not disclosed | – | Normal terms | 83,544 | 1 |
| Socket Fiber | Buyout firm | Oak Hill Capital and Pamlico Capital | Normal terms | 80,007 | 3 |
| Hunter Communications | Buyout firm | Oak Hill Capital | Normal terms | 73,228 | 3 |
| Rightfiber | Infrastructure fund | Grain Management | Normal terms | 70,876 | 3 |
| IdeaTek | Buyout firm | Oak Hill Capital and Pamlico Capital | Normal terms | 66,849 | 1 |
| Blue Stream Fiber | Securitized debt; owner not disclosed | – | Normal terms | 57,318 | 5 |
| Joink | Infrastructure fund | DIF Capital Partners | Normal terms | 48,594 | 3 |
| Fastwyre Broadband | Buyout firm | Madison Dearborn Partners and Catania Capital | Under strain | 40,570 | 3 |
| Archtop Fiber | Private credit | Post Road Group | Normal terms | 20,873 | 1 |
| SwyftFiber | Infrastructure fund | Macquarie Asset Management (structured equity) | Normal terms | 19,346 | 3 |
Cite this table: G2M Insights, "The Fiber Money Map: Investor-Backed Builders in 128 U.S. Metros," G2M Communications Research, edition fiber-money-map-2025-12-v1, g2m.ai/research/communications/fiber-money-map.
The cost of money differs by size. The largest builders borrow against their subscriber revenue at about 6%, roughly what a telco or cable company pays for the same kind of debt. Smaller builders pay about 10% to private-credit lenders.
Know who funds the builder in your market. A builder partnered with T-Mobile or Verizon competes with a national brand and a mobile bundle. A builder owned by a buyout or infrastructure fund will change owners at some point: Hunter, Tachus and Wire 3 all did in the last three years.
Much of the money is buying networks rather than building them
Of the 57 financing events we researched, 22 were acquisitions or mergers. In 2025 and 2026 alone, Point Broadband merged with ClearWave, Ritter combined with Great Plains as Rightfiber, Ezee Fiber bought Tachus, IdeaTek combined with Socket, Oak Hill bought Hunter from Grain, T-Mobile signed two more fiber ventures, and Eaton Fiber, Verizon’s builder partner, bought Ripple Fiber.
More combinations are easy to picture. In 40 of the 85 metros at one in five, two or more investor-backed builders already offer fiber.
The local builder you compete with today may belong to a regional platform next year, with more capital and a different strategy. Treat a financing or acquisition announcement in your market as an early signal, not background news.
Two builders are under strain, and their markets are changing hands
Most of these builders are funded on normal terms: their lenders value their loans at or near face value. Two are not.
- Fastwyre Broadband. Its lender has stopped accruing interest on its term loan and values it at 36 cents on the dollar. Fastwyre has been selling its markets: to Socket, to SwyftFiber, and its Nebraska business to Great Plains, now part of Rightfiber.
- Ting. Its parent, Tucows, disclosed two missed payments to Ting’s preferred investor and has been reviewing options for Ting since November 2025. In July 2026 Tucows bought out that investor and extended its credit lines, and Ting turned a small operating profit in the second quarter. Ting is restructuring, not closing.
Where they matter, they matter a lot. In Lake Charles, Louisiana, Fastwyre reaches 23% of addresses next to Metronet’s 30%. In Charlottesville, Virginia, Ting reaches 16%.
Figure 5. Metros where builders under strain reach 5 percent of addresses or more
Reached by builders under strainReached only by healthy builders
Cite this chart: G2M Insights, "The Fiber Money Map: Investor-Backed Builders in 128 U.S. Metros," G2M Communications Research, edition fiber-money-map-2025-12-v1, g2m.ai/research/communications/fiber-money-map.
A builder under strain rarely switches its network off; it sells it. If one operates in your market, expect a better-funded owner, and decide early whether you want to be the buyer.
What it means for your market
- If your footprint is mostly in smaller metros, assume a funded fiber builder is in your planning horizon, and measure your overlap with each one now.
- If you still run copper there, decide which areas you will upgrade and which you will defend before a builder arrives; those customers are the most exposed.
- If a carrier’s partner builds in your market, whether a T-Mobile venture or Verizon’s Eaton Fiber, plan for a national brand selling fiber with a mobile bundle, not a local entrant.
- If a fund-owned or strained builder operates in your market, expect its network to change hands, and decide whether you want to bid for it.
- If you are raising capital or selling, investors already fund fiber builders in 128 metros, and lenders charge smaller builders about 10%: scale changes the terms you can get.
These figures are reported availability, not subscribers. They mark where investor-backed builders compete and with whom, not who will win.
How we measured it
The builders
We identified fiber builders with outside capital from three SEC sources: registered funds’ holdings of their debt (Form N-PORT, third quarter 2026), private-credit funds’ schedules of investments (second quarter 2026), and financing events we researched for the 30 largest operators those sources did not cover. National and regional telcos, cable companies, fixed wireless providers and municipal networks are excluded as builders. That leaves 32 builders filing as 33 FCC providers; Tachus files separately but now belongs to Ezee Fiber. The list is partial: absence from it does not mean a builder has no investors.
Backing and strain
Each builder’s backing is its current owner, checked against a public announcement or filing in October 2026. A builder is counted as under strain when its funded debt is on non-accrual or valued well below face value by its lender, or when its owner has disclosed a missed payment. Loan commitments not yet drawn are excluded from those values. Lenders’ values are their own fair-value marks, not ratings.
Reach
Builder reach is the share of residential addresses in the FCC Broadband Data Collection for 31 December 2025 where an investor-backed builder reports a fiber offer. The denominator is every residential address in the metro, served or not. Metros follow the FCC’s March 2020 metropolitan delineation. Figures are reported availability, not subscribers or market share.
Incumbent types
Incumbent types come from our reviewed operator crosswalk. Cable companies count where they offer cable, telcos and co-ops where they offer copper or fiber, and fixed wireless providers wherever they report service. An address counts once per type however many operators of that type serve it.
Deals and the cost of money
The 57 financing events, and the 22 acquisitions and mergers among them, come from company announcements and trade press. The borrowing rates are coupons on fiber securitizations held by registered funds and rates on private-credit loans in fund schedules; they are what those holders report, not each builder’s full cost of capital.
Timing and limits
Footprints are as of December 2025 and ownership as of October 2026, so deals signed after December 2025, such as the GoNetspeed, Greenlight and i3 Broadband ventures and Eaton Fiber’s purchase of Ripple Fiber, appear under their current backing while their networks are those reported in December. Business addresses and rural areas outside metros are not covered.