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Of its 2,113 total MW across 45 facilities, roughly 1,765 MW are operational, leaving 348 MW in the pipeline to convert into leased, income-generating space. Spread across 24 markets in two countries, QTS has the geographic breadth to chase hyperscale demand, though its concentration remains weighted toward existing sites rather than new-country expansion. The key next-watch trigger is pipeline conversion: how quickly that 348 MW moves from planning to operational, and whether QTS adds fresh markets to sustain growth momentum.","rationale":null},"paywall":{"blurb":"Market Concentration, Pipeline, Lease Velocity, Capital Structure, M&A History, and Competitive Position are unlocked for PRO subscribers \u2014 $99/mo, all operators.","checkout_url":"/pricing?utm_source=operator_brief","required_tier":"PRO"},"pipeline":[],"redirect_to":null,"requested":"qts","slug":"qts","tier":"FREE"}