La Caisse, Stonepeak Credit Close $250 Million Financing for BIG Fiber's Digital Infrastructure Expansion
BIG Fiber, a metro dark fiber network operator headquartered in Sunnyvale, California, has closed a $250 million debt facility co-led by Stonepeak Credit and La Caisse, the Quebec-based global investment group formerly known as CDPQ, to accelerate the expansion of its digital infrastructure footprint across three U.S. markets.
The facility, announced May 19, 2026, includes a $100 million accordion feature that brings total potential capacity to $350 million. Proceeds will be used to refinance existing debt, provide new capital, and fund network buildouts already underway — most notably a multi-market expansion in Greater Atlanta that will add more than 205 route miles and 165,000 fiber miles to BIG Fiber's existing network.
Deal Structure and Financing Context
The transaction marks a significant scaling of BIG Fiber's financial capacity, following the company's 2024 milestone as the issuer of the first green loan in the dark fiber sector. BIG Fiber is backed by sponsors Columbia Capital and SDC Capital Partners.
La Caisse, which manages net assets totaling CAD 517 billion as of December 31, 2025, is active across major financial markets, private equity, infrastructure, real estate, and private credit. Its private credit arm structured the financing alongside Stonepeak Credit, the credit investing unit of Stonepeak, an alternative investment firm with approximately $88 billion in assets under management.
Jérôme Marquis, Managing Director and Head of Private Credit at La Caisse, said the deal reflects confidence in BIG Fiber's business model. "BIG Fiber is well positioned to meet the growing connectivity needs of enterprises and data centers seeking new, high quality infrastructure options," Marquis said. "Its resilient business model, underpinned by long term contracts and strong structural demand, positions the company well for growth. Together with Stonepeak Credit, we're providing a tailored financing solution that supports the continued build out of essential digital infrastructure."
Arun Varanasi, Managing Director at Stonepeak Credit, added: "BIG Fiber's infrastructure delivers critical bandwidth to meet the insatiable demand for both data and compute capacity across its key markets. We are proud to partner with Columbia Capital, SDC Capital Partners, and La Caisse to support the Company's next leg of growth as it positions itself as one of the preeminent dark fiber operators in the country."
Network Scale and Infrastructure Buildout Across Three Markets
The financing will support infrastructure buildout across BIG Fiber's three core geographic markets. Upon completion of projects currently under construction or contract — with phased Ready for Service dates expected in early 2027 — BIG Fiber's combined Atlanta and San Francisco Bay Area network will reach 850 route miles and more than 3 million fiber miles.
BIG Fiber's current network footprint breaks down as follows:
- San Francisco Bay Area: More than 320 route miles serving 65 data centers
- Greater Portland: More than 20 route miles serving 15 data centers
- Greater Atlanta: More than 550 route miles serving 30 data centers, with an additional 205 route miles and 165,000 fiber miles under development
The company's network is 100% underground. BIG Fiber serves hyperscalers, enterprises, and data center operators requiring mission-critical digital infrastructure.
La Caisse's Infrastructure Credit Strategy
La Caisse's involvement in the BIG Fiber deal is consistent with the institution's stated dual mandate: generating long-term returns for its 48 depositors — representing more than six million Quebecers — while contributing to economic development. The institution has been active in digital infrastructure financing, including a previously announced partnership with American Tower in Europe and investments in clean energy infrastructure.
Stonepeak Credit targets credit investments across transportation and logistics, energy and energy transition, digital infrastructure, and social infrastructure sectors. The firm focuses on senior secured credit investments with downside protection and recurring revenue characteristics.
BIG Fiber's Position in the AI-Era Infrastructure Market
BIG Fiber CEO Bruce Garrison framed the financing in terms of long-term infrastructure demand tied to artificial intelligence. "This financing ensures we have the scale to stay ahead of the escalating demand for modernized infrastructure enabling the AI ecosystem and the necessary digital highways for decades to come," Garrison said.
The company was founded in 2019 and serves hyperscalers, mission-critical data centers, and enterprises requiring new, high-capacity underground fiber infrastructure.
With the new facility in place and Atlanta expansion projects advancing toward early 2027 completion, BIG Fiber's total system-wide route miles are expected to exceed 800, with the combined Atlanta and Bay Area footprint reaching 850 route miles post-buildout.