Csquare, Inc., a North American enterprise digital infrastructure platform, filed a registration statement with the Securities and Exchange Commission to take common stock public on the New York Stock Exchange under the ticker CSQR, according to a preliminary prospectus dated June 16, 2026. The Coppell, Texas-based company did not provide details on the quantity of shares to be offered or the price range in that filing.
The prospectus outlines Csquare's physical footprint and customer mix. As of March 31, 2026, the company operates 64 data center sites across 21 metropolitan markets spanning the United States, Canada and the United Kingdom. Those facilities deliver roughly 389 megawatts of sellable power capacity and include more than 36,600 interconnection products. Csquare reports serving in excess of 1,700 enterprise, network, cloud and technology customers, offering carrier-neutral colocation and interconnection services.
The filing states that, after the offering, entities managed or controlled by Brookfield Corporation or its affiliates will beneficially own a majority of the voting power of outstanding common stock.
Recent financial performance
In the quarter ended March 31, 2026, Csquare generated revenue of $270.5 million, compared with $232.8 million in the same period a year earlier, representing 16% year-over-year growth. For the full year ended December 31, 2025, the company reported revenue of $987.0 million, an increase from $907.6 million in 2024, equal to a 9% rise.
Despite revenue growth, the company recorded a net loss of $66.0 million for the three months ended March 31, 2026, widening from a net loss of $34.9 million in the prior-year quarter.
Adjusted EBITDA showed expansion. For the quarter ended March 31, 2026, Adjusted EBITDA was $108.3 million, up from $86.3 million in the comparable 2025 quarter. On a full-year basis, Adjusted EBITDA reached $390.0 million for 2025 versus $288.7 million in 2024.
The filing lists total available liquidity of $357.6 million as of March 31, 2026. That liquidity figure comprises cash and cash equivalents, restricted cash and undrawn capacity on the company's credit facility.
Underwriting and corporate background
Csquare named Morgan Stanley, TD Securities and Wells Fargo Securities as lead underwriters on the offering. Additional underwriters include BofA Securities, BMO Capital Markets, Scotiabank, Jefferies, J.P. Morgan, RBC Capital Markets and Societe Generale.
The company began operations in January 2019 and is led by Chief Executive Officer Spencer Mullee.
What the filing does and does not disclose
- The registration statement confirms the intent to list on the New York Stock Exchange under the symbol CSQR and provides operational and financial metrics through March 31, 2026.
- The filing does not specify the number of shares to be sold in the offering or a price range, details commonly included in later-stage prospectus supplements.