Vertical Bridge secured $1.94 billion in asset-backed financing through the largest single-series tower securitization in industry history, backed by 10,425 tower sites across all 50 states, Puerto Rico, and Washington, D.C.
Although Vertical Bridge’s $1.94 billion may be the largest single-tranche tower securitization in the industry, SBA Communications raised $2.07 billion on the same day in October 2024 through two separate series, making it the industry’s largest single-closing total.
Vertical Bridge, the nation’s largest privately held cell tower company, closed its $1.94 billion asset-backed securitization on February 13, 2026, backed by 10,425 tower sites across all 50 states, Puerto Rico, and Washington, D.C. The deal comes as the parent company, DigitalBridge, prepares for a $4 billion acquisition by SoftBank Group.
According to Wireless Estimator’s database, Vertical Bridge is the nation’s fourth-largest tower owner, eclipsing Array Digital Infrastructure at 4,338 and trailing SBA Communications with its tower portfolio of 17,479.
What is an asset-backed securitization?
Vertical Bridge bundled 10,425 towers as collateral to raise $1.94 billion from investors. These towers generate steady revenue from AT&T, Verizon, and T-Mobile leasing antenna space. Investors buy the notes because they’re backed by long-term carrier contracts—similar to a mortgage, but on towers instead of houses.
Led by Barclays, the deal is Vertical Bridge’s eleventh financing since 2016 and includes 78 investors.
Comparing the deals:
SBA Communications’ October 11, 2024 issuance raised $2.07 billion in a single closing, the industry record. The structure included two series: $1.45 billion at 4.831%, maturing in five years, and $620 million at 4.654%, maturing in three years, resulting in a blended rate of 4.778%. This dual-tranche approach allowed SBA to avoid refinancing the entire amount at once, attract both short-term and long-term investors, and precisely match the $620 million to existing debt maturing in October 2024.
Vertical Bridge’s February 13, 2026, issuance raised $1.94 billion as a single series with four tranches (Classes C, D, M, R) rated A, BBB-, BB-, and B, maturing in February 2056. The Class B tranche marked the first-ever single-B-rated tower ABS. While simpler than SBA’s structure, it represents the largest unified tower securitization in industry history.
The SoftBank acquisition
DigitalBridge is being acquired by SoftBank Group for $4 billion ($16/share). The deal, announced December 29, 2025, is expected to close in the second half of 2026.
SoftBank’s interest isn’t towers—it’s AI infrastructure. CEO Masayoshi Son’s mission is to achieve Artificial Super Intelligence (ASI), which requires massive data centers and connectivity infrastructure to reach users.
What is the industry impact?
With SoftBank’s capital backing, Vertical Bridge could become a more aggressive competitor to American Tower, Crown Castle, and SBA Communications.
The deal signals that infrastructure assets are increasingly viewed as components of AI platforms rather than standalone real estate investments. This shift could reshape tower valuations as demand for AI connectivity infrastructure accelerates.
Undisclosed Dish exposure
Unlike American Tower and Crown Castle, which have filed federal lawsuits against Dish Wireless seeking billions in unpaid tower obligations, Vertical Bridge has not disclosed any litigation or financial impact from Dish’s industry-wide payment defaults. Vertical Bridge entered into a long-term infrastructure lease agreement with Dish in February 2021 for its 5G network buildout.
As a private company owned by DigitalBridge, it has not publicly reported the percentage of its revenue from Dish.
