Csquare, a Dallas-based data center operator, said it plans a US initial public offering that could value the company at up to US$4.18 billion and raise as much as US$1.35 billion.

It plans to sell 50 million shares at US$23 to US$27 each on the New York Stock Exchange under the ticker CSQR.

The offering comes as investor interest in AI infrastructure remains high and follows CoreWeave’s March 2025 IPO, which was priced at US$40 a share.

Csquare generated US$987 million in 2025 revenue, reported US$390 million in adjusted EBITDA, and posted a $119.9 million net loss. As of March 31, 2026, it had US$4.8 billion in long-term debt.

At an assumed US$25 a share, Csquare expects about US$1.19 billion in net proceeds, with roughly US$921 million and US$250 million set aside to repay borrowings and notes, respectively.

Csquare was formed in April 2024 through the combination of Evoque and Cyxtera under Brookfield Infrastructure.

After the offering, Brookfield will control about 67% of Csquare’s voting power through entities it manages or controls.

Csquare operates 64 data centers across 21 metropolitan markets in North America and the UK. It is going public as colocation capacity in North America remains tight, and JLL reported 1% vacancy at the end of 2025.

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🔗 Source: Reuters