Dallas-based Csquare, a provider of colocation and data center services, has confidentially submitted a draft S-1 form with the U.S. Securities and Exchange Commission (SEC) for a planned initial public offering. The company is backed by Brookfield Infrastructure Partners. Details regarding the number of shares to be offered and the proposed price range have not yet been determined.
Csquare expects to use a portion of the net proceeds from the IPO to repay outstanding debt, with the remainder allocated for general corporate purposes. The IPO is anticipated to occur after the SEC completes its review process, subject to market and other conditions. The confidential filing allows the company to prepare for the IPO away from immediate public market scrutiny.
Centersquare was formed in April 2024 through the merger of Cyxtera and Evoque, both previously acquired by Brookfield. Brookfield acquired Cyxtera in 2023 after it declared bankruptcy, and Evoque was formed in 2019 from AT&T’s data center assets. Csquare operates more than 80 data centers across 30 markets in North America and Europe, with a total capacity of 400MW and 3.5 million sq ft. The company recently acquired 10 additional data centers with $1 billion cash on hand, aiming to meet surging demand for high-performance infrastructure, particularly from enterprise and hyperscale customers.
The decision to go public comes amid a heated market for AI-related IPOs and infrastructure demand. The company is looking to capitalize on the rapid growth in artificial intelligence, which is driving significant investment in data center infrastructure. Other companies in the AI ecosystem, such as Cerebras Systems and X-Energy, have also recently pursued public listings or seen increased valuations due to AI-driven demand. Csquare CEO Spencer Mullee noted that customers are seeking partners who can expand with them, providing reliable power, connectivity, and engineered environments to accelerate innovation.
