IPO Filings: Csquare Raises $1.05 Billion in NYSE Data Center Debut

Key takeaways

• Csquare, Inc. priced 50 million shares at $21.00 in its initial public offering, raising $1.05 billion, according to IPO filings dated July 15, 2026, and filed July 16.
• The company listed on the New York Stock Exchange under the symbol CSQR.
• Proceeds were directed at repaying debt, including a revolving credit facility, a promissory note and variable funding notes.
• Brookfield entities were expected to control about 69.0% of the voting power after the offering.
• Csquare operates 64 data center sites in 21 metropolitan markets across the U.S., Canada and the U.K.

What the IPO filings show

Csquare describes itself as a North American enterprise digital infrastructure platform offering carrier-neutral colocation and interconnection. Its sites provide about 389 megawatts of sellable power capacity. The July offering put it among the larger data center listings on the summer IPO calendar.

Item	Figure
Shares offered (company)	50,000,000
Price per share	$21.00
Gross proceeds	$1.05 billion
Underwriting discount	$1.05/share; $40 million total
Proceeds to company, before expenses	$1.01 billion
Underwriters’ option	7,500,000 shares
Shares outstanding after IPO	155,020,702

The total underwriting fee is lower than 50 million shares times $1.05 because, per the cover page footnote, no discount was paid on 11,904,762 shares bought by entities managed or controlled by Brookfield Wealth Solutions and other investors introduced by Brookfield. In effect, the controlling shareholder’s affiliates anchored roughly a quarter of the deal.

The underwriting group was led by Morgan Stanley, TD Securities, Wells Fargo Securities, BofA Securities, BMO Capital Markets and Scotiabank.

Debt reduction, not expansion

The use of proceeds is a defining feature. Rather than funding new construction directly, the IPO money was earmarked to pay down existing borrowings. That should lower interest costs and strengthen the balance sheet, which in turn can support future development financed with new debt.

Financial snapshot

The prospectus figures show rising revenue and recent losses:

• 2025: revenue of $986.98 million and a net loss of $119.9 million.
• 2024: revenue of $907.55 million and net income of $458.54 million.
• First quarter 2026: revenue of $270.46 million and a net loss of $65.95 million.

Revenue grew about 9% from 2024 to 2025. The swing from a large 2024 profit to a 2025 loss is notable, and readers should look to the prospectus for the items behind the 2024 result before treating it as a baseline.

At 155,020,702 shares outstanding, the $21 offering price implies an equity value of roughly $3.3 billion, our calculation from the filing. Debt is not included in that figure, and for an infrastructure company it is a large part of enterprise value.

Reading the ownership structure

With Brookfield entities expected to hold about 69.0% of the voting power after the offering, Csquare entered public markets as a controlled company. That typically means the controlling holder can determine board elections and approve major transactions on its own. The participation of Brookfield-affiliated buyers in the IPO itself, on 11,904,762 shares, also means a portion of the float sits with parties related to the controlling shareholder, which can reduce the amount of stock that actually trades.

Why it matters

Csquare was one of several 2026 IPOs riding demand for digital infrastructure, but its pitch differs from hyperscale developers. Colocation providers rent space, power and connectivity to many enterprise tenants rather than building for a few cloud giants. Investors comparing upcoming IPOs in the sector will want to weigh that diversified customer base against slower growth.

What to watch

Key items include the exercise of the 7.5 million share underwriters’ option, how much debt is retired and how interest expense changes in subsequent quarters, any plans to add sellable capacity beyond 389 megawatts, and future share sales by Brookfield, which retains majority control.