Csquare, which owns and operates 64 data centers across the US and UK, and provides colocation services, filed on Tuesday with the SEC to raise up to what we estimate could be $650 million in an initial public offering.
Csquare is a carrier-neutral colocation data center operator that provides enterprises, network service providers, and cloud platforms with space, power, and connectivity infrastructure to house and operate their IT equipment. As of March 31, 2026, the company operates 64 facilities across 21 major US metropolitan markets, offering services that include enterprise colocation, interconnection, and additional managed infrastructure solutions. Its facilities are designed to support long-duration, availability-sensitive workloads, with power densities reaching up to 150 kW per rack. Revenue is primarily generated through recurring contracts for colocation and interconnection services, with interconnection accounting for approximately 10–13% of recurring revenue in recent years.
The Coppell, TX-based company was founded in 2018 and booked $1.0 billion in revenue for the 12 months ended March 31, 2026. It plans to list on the NYSE under the symbol CSQR. Csquare filed confidentially on March 30, 2026. Morgan Stanley, TD Securities, Wells Fargo Securities, BofA Securities, BMO Capital Markets, Scotia Capital, Jefferies, J.P. Morgan, RBC Capital Markets, and Societe Generale are the joint bookrunners on the deal.
