Ride the AI infrastructure boom! Brookfield's data center Csqaure (CSQR.US) announces IPO terms, aiming to raise up to $1.35 billion.

Data center operator Csquare (CSQR.US), supported by Brookfield, has announced the terms of its IPO, planning to debut on the New York Stock Exchange and raise up to $1.35 billion, becoming another industry player to go public in the US amid the investment frenzy in AI infrastructure. According to documents submitted to the US Securities and Exchange Commission on Monday, Csquare will offer 50 million shares priced between $23 and $27 per share. At the maximum offering price of $27 per share, the company would have a market value of approximately $4.18 billion. The final offering price is expected to be determined in the week of July 13, 2026, with the stock symbol "CSQR." Founded in 2018 and headquartered in Coppell, Texas, Csquare currently owns and operates 64 data centers in 21 major metropolitan areas in North America and the UK, providing colocation and network interconnection services to enterprises, cloud service providers, and telecommunications companies. Its facilities support up to 150 kilowatts of power density per rack, primarily catering to long-term, highly available workloads. The majority of its revenue comes from long-term contracts spanning one to seven years, with network interconnection services contributing approximately 10% to 13% of recurring revenue in recent years. Financial data shows that the company had a net loss of $66 million for the three months ending March 31, 2026, compared to a loss of $34.9 million in the same period last year; quarterly revenue was $270.5 million, up from $232.8 million in the same period a year ago. For the 12 months ending March 31, 2026, Csquare generated revenues of approximately $1 billion. The proceeds from this IPO will primarily be used to reduce leverage. According to the prospectus, the company plans to fully repay its revolving credit facility$734 million as of March endwhile also repaying a $75 million promissory note held by Brookfield and redeeming some $4.3 billion in outstanding asset-backed notes. Following the offering, Brookfield will continue to hold around 67% of Csquare's voting rights through entities it manages or controls, maintaining its absolute control. This IPO comes at a time when Wall Street is highly focused on the artificial intelligence (AI) sector, especially AI infrastructure. Year-to-date, companies in this sector like Applied Digital (APLD.US) have risen by approximately 36%, Equinix, Inc. (EQIX.US) by 31%, and Digital Realty Trust (DLR.US) by 13%. This is also the latest example of a wave of AI-related IPOs this year. In May, AI chipmaker Cerebras Systems (CBRS.US) debuted on the US stock market, raising $6.38 billion; in the same month, Blackstone Inc. (BX.US) raised $2 billion for its data center acquisition platform. In June, SpaceX (SPCX.US) attracted attention with its historically large IPO, which included plans for operating data centers in space. The market is also anticipating potential high-impact IPOs like Anthropic and OpenAI. Morgan Stanley, Barclays, Wells Fargo Securities, Bank of America Securities, BMO Capital Markets, Scotia Capital, Jefferies Financial Group Inc., JPMorgan, RBC Capital Markets, and French Industrial Bank are serving as joint bookrunners for this transaction.