Brookfield-Backed Csquare Targets $4.18B Valuation in US IPO, Plans to Raise $1.35B

According to Reuters, Csquare, a Brookfield-backed Dallas-based data center operator, is targeting a US initial public offering that values the company at up to $4.18 billion and aims to raise as much as $1.35 billion. The company plans to offer 50 million shares priced between $23 and $27 each on the New York Stock Exchange under the ticker CSQR.

Csquare generated $987 million in 2025 revenue and reported $390 million in adjusted EBITDA, though it posted a $119.9 million net loss. As of March 31, 2026, the company carried $4.8 billion in long-term debt. At an assumed $25 per share, Csquare expects approximately $1.19 billion in net proceeds, with roughly $921 million and $250 million earmarked to repay borrowings and notes respectively. Brookfield will maintain approximately 67% voting control post-IPO through its managed entities. Csquare operates 64 data centers across 21 metropolitan markets in North America and the UK.