In order to meet the demands of its growing customer base, T-Mobile will need to deploy 38,000 cell sites and increase network capital expenses by roughly 20%, according to new figures from New Street Research. Those figures represent the investments T-Mobile will need to make in its network in the coming years if it is unable to consummate its proposed merger agreement with Sprint.

“T-Mobile is seeing subscriber growth accelerate [apart from the merger],” the Wall Street analysts wrote in a recent report. “We think the faster growth is coming from geographic markets and customer segments that T-Mobile hasn’t effectively targeted before.”

Indeed, following the release of solid second-quarter results, T-Mobile said it expects to acquire more new customers during the course of 2018 than it previously expected. Specifically, the company said it now expects to gain branded postpaid net customer additions of between 3 million and 3.6 million—figures up from the 2.6 million to 3.3 million guidance that the company released earlier this year.