Csquare Inc., a data center company with backing from Brookfield Corp., has officially filed for a US initial public offering. The Dallas-based firm, which operates 64 data center sites across the US, Canada, and the UK, reported a net loss of $66 million on revenue of $270.5 million for the three months ending March 31, 2026. This compares to a net loss of $34.9 million on revenue of $232.8 million in the identical period a year prior. The company had initially filed confidentially in April 2026.
The IPO filing indicates Csquare's intention to list its shares on the New York Stock Exchange (NYSE) under the ticker symbol "CSQR". The offering's underwriters include prominent financial institutions such as Morgan Stanley, TD Securities, Wells Fargo Securities, and BofA Securities. The proceeds from the IPO are planned for several uses, primarily to repay borrowings under its Revolving Credit Facility and a Promissory Note, partially repay certain series of its 2024 ABS Notes, and allocate the remainder for general corporate purposes.
Csquare is positioned in the market as a provider of colocation and data center services, benefiting from the increasing demand for infrastructure driven by artificial intelligence development and deployment. The company serves both enterprise and hyperscale customers, operating over 80 data centers across 30 markets in North America and Europe. Despite the recent losses, the firm saw an 8.8% rise in annual revenue for the year ended 2025, and its Q1 2026 revenue of $270.5 million represents an increase from the $232.8 million in the year-ago period. Brookfield is expected to remain a controlling shareholder post-IPO. The company did not disclose the price range or offering size in its initial filing.
