Pacific Fibre is optimistic more customers will soon sign up to use its $US400 high speed trans-Pacific internet cable.
The company, has signed on the Crown-owned Research and Education Advanced Network (REANNZ) as its anchor tenant.
The network owns and operates the a super-fast internet KAREN link connecting the country's universities and crown research institutes.
Pacific Fibre chief executive Mark Rushworth says undersea cable should be complete by late 2013 and securing the first company is a milestone for the company.
Mr Rushworth says there's still plenty of capacity left and more customers are preparing to sign up.
Mark Rushworth says tenders from selected submarine cable layers, who could potentially build the network, are due on Monday.
The company's backers include Trade Me creator Sam Morgan, Warehouse founder Sir Stephen Tindall, and Xero's Rod Drury.