Csquare Inc., a data centre company backed by Brookfield Corp., filed publicly for a U.S. initial public offering, joining a rush of debuts linked to artificial intelligence infrastructure.
The Dallas-based owner and operator of 64 data centre sites in the U.S., Canada and the U.K. had a net loss of US$66 million on revenue of US$270.5 million in the three months ended March 31, compared with a net loss of US$34.9 million on revenue of US$232.8 million a year earlier, according to its filing Tuesday with the U.S. Securities and Exchange Commission.
IPO Timing and Market Context
The IPO comes on the heels of several listings by companies seeking to benefit from the rapid growth of AI. SpaceX’s pitch centering on data centers in space helped it deliver an US$86.2 billion IPO, the biggest of all time. AI chipmaker Cerebras Systems Inc. raised US$6.38 billion in a listing in May, and Blackstone Inc.’s data-centre acquisition vehicle raised $2 billion in the same month.
Company Growth and Revenue Streams
Csquare began operations in 2019 and has grown both organically and through acquisitions in 2024 and 2025, according to the filing. It generates most of its revenue from recurring colocation and interconnection services under contracts ranging from one to seven years. The company’s top 10 customers account for about 30 per cent of annualized recurring revenue across its portfolio as of March 31.
Use of Proceeds and Ownership Structure
The company expects to use the IPO proceeds for purposes including repaying in full its revolving credit facility, which had $734 million outstanding at the end of March, as well as a $75 million promissory note held by Brookfield and a portion of its outstanding $4.3 billion of asset-backed notes. Brookfield is expected to maintain voting control over Csquare after the offering, the filing shows.
Underwriters and Stock Listing
The offering is being led by Morgan Stanley, Toronto-Dominion Bank, Wells Fargo & Co., Bank of America Corp., Bank of Montreal and Bank of Nova Scotia. The company expects its shares to trade on the New York Stock Exchange under the symbol CSQR.
