Alphabet has not disclosed the amount of funds GFiber is looking to raise or its valuation, but it has retained an investment bank to start the process of selling equity in the company. GFiber is part of Alphabet's Other Bets portfolio, which includes businesses at an earlier stage of research or commercialization. In 2023, the Other Bets portfolio lost $4.1 billion on revenue of $1.5 billion.
Key takeaways:
- Alphabet is seeking external investment for its WiFi and internet connectivity business, GFiber, as it plans to expand to more cities in the U.S.
- GFiber competes with larger internet service providers including Comcast, Charter Communications, Verizon, AT&T, and Frontier Communications.
- GFiber has tripled its customer base in the past six years and plans to expand services to more than 25 additional cities in 2023.
- Alphabet has retained an investment bank to start the process of selling equity in GFiber, but has not disclosed the amount of funds it is looking to raise or the valuation it is seeking.