Brookfield's Csquare files for IPO seeking up to $1.35B
The Brookfield-backed data center operator would list on the NYSE as CSQR, testing public appetite for digital infrastructure at scale.
Csquare, the data center platform backed by Brookfield, filed a prospectus to raise as much as $1.35 billion in an initial public offering. The company plans to sell 50 million shares priced between $23 and $27 each and to list on the New York Stock Exchange under the ticker CSQR. At the top of the range, Csquare would carry a valuation of roughly $4.2 billion, with Brookfield retaining majority control after the sale.
Why it matters. Public-market debuts in data centers have been scarce even as private capital floods the sector. A listing of this size is a read on whether public investors will pay for digital-infrastructure exposure — and whether the wave of private capital chasing power and land now has a viable exit.
The numbers. Csquare operates 64 data center sites across 21 markets in the US, Canada, and the UK, totaling 389 megawatts of capacity and serving more than 1,700 enterprise customers. First-quarter revenue reached $270 million, up 16% year over year, though the company posted a net loss of $66 million. Its customer base is diversified — no single client accounts for more than 7% of revenue — with hyperscalers making up about 11% of monthly recurring revenue. Proceeds are earmarked to pay down a $734 million revolving credit facility, a $75 million note to Brookfield, and part of a $4.3 billion asset-backed loan program.
What’s next. The prospectus set no firm timeline for pricing. The offering lands alongside a broader rush of digital-infrastructure financing — a trend visible across the national market — that will test how much public investors will underwrite for a business still running at a loss.