Csquare seeks $1.35B in NYSE IPO at up to $4.18B valuation

Brookfield is finally taking its data center rollup to the public market, and the price it is asking will tell you what listed investors actually think an AI-era colocation business is worth. According to Bloomberg, Csquare Inc. is offering 50 million shares at $23 to $27 apiece, targeting up to $1.35 billion in proceeds and a market value of about $4.18 billion at the top of the range. The stock will trade on the NYSE under the ticker CSQR, with Morgan Stanley, TD Securities and Wells Fargo Securities leading the syndicate.

The business itself is a stitched-together portfolio. Brookfield paid $1.1 billion in 2019 to buy Evoque Data Center Solutions from AT&T, then picked up bankrupt Cyxtera Technologies for $775 million in early 2024 and merged the two under the Centersquare (now Csquare) brand. Today the company runs roughly 80 data centers across 30 markets in North America and Europe, totaling about 3.5 million square feet and more than 500 MW of operational capacity, with another 200 MW earmarked for near-term expansion, and it serves over 2,000 customers.

The financial picture is more mixed than the AI-infrastructure narrative suggests. Q1 revenue rose to $270.5 million from $232.8 million a year earlier and adjusted Ebitda climbed to $108.3 million from $86.3 million, but the net loss widened to $66 million from $34.9 million, according to figures reported by Yahoo Finance from the company's filing. That is the tension in the deal: buyers are being asked to pay a growth multiple on a business still losing money quarter over quarter.

The honest caveat is that the $4.18 billion top-of-range mark is well below the $8 billion to $12 billion valuations that Bloomberg had reported people close to Brookfield were floating earlier in the process, and what the filing does not spell out publicly is how much of the capacity is already leased to hyperscalers versus enterprise tenants, or how proceeds split between debt paydown and the expansion pipeline.

If the book builds cleanly at this range, the read-through is straightforward. Every other data center owner sitting on private capital, from smaller colocation platforms to hyperscale developers, gets a fresh comparable to price against, and a wave of listings that has been circling all year finally gets its anchor deal.