QTS Phoenix 3 / PHX3, Glendale

FJI qualification held or pending: the full four-document gate, including project-specific government evidence, has not yet been accepted. Qualification evidence and decisions →

Project status: Glendale permit issued for PHX3 DC13; current construction progress, completion and commissioning unverified. Capacity scope: 750 MW planned critical capacity reported May 2024; current delivered IT MW unverified. How we verify evidence.

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Campus identity and location

PHX3 is QTS’s Phoenix 3 campus in Glendale, Arizona. The operator lists DC1 at 17408 W. Camelback Road and other buildings along the same road. Its Litchfield Park mailing addresses do not change the operator’s Glendale campus identification. Our map uses an approximate campus-area pin near Camelback Road and Cotton Lane, not a surveyed building entrance.

Historic plan versus delivered capacity

May 2024 specialist reporting described 16 planned buildings totaling about 3 million square feet, a 375-acre campus and 750 MW of planned critical capacity. A 29-acre substation was also reported as planned. Those figures describe the historic proposal; they do not establish today’s delivered IT load, customer utilization or final approved scope. We do not combine PHX3 with QTS’s separate central-Phoenix campuses.

Government source: a narrow land-context record

The government-hosted March 2023 Camelback 303 plat identifies neighboring parcel 502-27-006D under QTS Glendale I LLC. It explicitly excludes that parcel from the plat. This supports adjacent land context only: it is not a Glendale permit approval or a PHX3 occupancy certificate. Glendale’s FY2025–26 budget-book search excerpt also refers to a 400-acre QTS project under construction, but the full PDF could not be retrieved during this review and is not used as verified construction evidence.

Companies and economic boundaries

QTS is the private operator. Blackstone-affiliated funds own the QTS platform; Blackstone Inc. is publicly traded as NYSE: BX. The ownership connection does not establish a campus-specific stake, fee contribution or earnings amount. No tenant, hyperscaler, GPU supplier, utility contract or construction-company award has been verified in the sources reviewed for this profile.

Readiness and open evidence

QTS’s current campus page describes what Phoenix 3 will offer and lists building addresses. An address list is not evidence that those buildings are energized or occupied. We classify this record conservatively as development evidence, with construction-phase completion and commissioning unresolved. No verified first-service date, occupied megawatts or named customer acceptance is supplied.

Power, cooling and financial limits

A substation proposal is not an executed power-delivery agreement. QTS describes a water-free cooling approach on its campus page; that remains an operator claim, not measured campus-wide consumption. This review does not establish secured power, site financing close, total final capex, lease rates or recurring revenue. Land and platform transaction values should not be substituted for construction budgets.

Timeline and next evidence

2023: the adjacent government-hosted plat identifies the QTS parcel. May 2024: reporting describes the PHX3 master plan. October 11, 2026: our review confirms the operator’s campus identity and building-address list without establishing commissioning. Next evidence should include phase-specific Glendale permits, occupancy records, utility energization and documented customer acceptance.

Investor takeaway · Our analysis

PHX3 provides a specific way to follow Blackstone-managed capital’s exposure to QTS development in the West Valley. The useful milestone is delivery of productive, customer-ready capacity, rather than the repetition of a large proposed megawatt total. Power and construction evidence must be evaluated separately from platform ownership. No site revenue forecast or valuation conclusion is established.

Sources and claim verification

Four reviewed documents including a government-hosted adjacent-site plat. That record is land context, not a project permit. Historic plans and operator claims are attributed.

1. QTS Data Centers · publication date not established

   Operator identifies Phoenix 3 in Glendale and lists individual building addresses on West Camelback Road with Litchfield Park postal addresses. Future-tense description does not confirm occupancy.

   Company disclosure → · reviewed October 11, 2026
2. Data Center Dynamics / Dan Swinhoe · 2024-05-28

   Historical reporting describes a 16-building, approximately 3-million-square-foot plan on 375 acres, with 750 MW planned critical capacity and a proposed 29-acre substation. These are planned figures, not energized or leased capacity.

   Independent specialist reporting → · reviewed October 11, 2026
3. City of Goodyear council packet / adjacent Camelback 303 final plat · 2023-03-27

   Adjacent-site plat labels parcel 502-27-006D as QTS Glendale I LLC and explicitly NOT A PART. This is a government-hosted land-context record; not PHX3 approval, construction permit or occupancy evidence.

   Government record → · reviewed October 11, 2026
4. Blackstone · 2021-08-31

   Affiliated funds completed the approximately $10 billion QTS acquisition including debt; QTS securities ceased public listing. This establishes platform ownership, not campus-level BX earnings.

   Company disclosure → · reviewed October 11, 2026

Blackstone company profile · PHX3 Spotlight article