Megaport are deploying physical hardware into third party DC's as they expand their network. Any competitor is going to have to do the same thing and its not going to happen overnight, it has taken a while for them to get things to this stage. I think its more likely to be an acquisition target given how new this space still is.
Would be curious to know if anyone familiar with this space has any insight on potential competition though.
Bevan on CyrusOne & RedHat, page-7
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