Csquare Inc., a retail colocation data center operator backed by Brookfield Infrastructure Partners, has filed to go public on the New York Stock Exchange with plans to raise up to $1.35 billion. The company publicly filed its S-1 registration statement with the SEC on June 16, trading under the ticker CSQR, in what would be one of the larger infrastructure IPOs this year.

Csquare is the product of Brookfield stitching together two established operators, Evoque Data Center Solutions and Cyxtera Technologies, in a 2024 merger. The result is a company with over 64 sites across the US, Canada, and the UK, delivering 389 megawatts of electrical capacity to roughly 1,700 customers.

What Csquare actually does

Csquare operates in the retail colocation space. The company’s facilities run at an average rack density of approximately 7.6 kW, but can support up to 150 kW per rack for AI workloads.

Financially, the trajectory looks solid on the top line. Revenue for Q1 2026 came in at $270.5 million, up from $232.8 million in Q1 2025. That’s roughly 16% year-over-year growth. The company generates an estimated $500 million to $600 million in annual EBITDA, according to market reports.

Morgan Stanley and TD Securities are leading the underwriting. Brookfield will maintain majority voting control after the IPO.

The balance sheet equation

Csquare has earmarked IPO proceeds primarily for debt reduction, targeting its $734 million revolving credit facility and $4.3 billion in asset-backed notes.

At $270.5 million in quarterly revenue and growing, the math isn’t unreasonable, but it isn’t comfortable either.

Why this matters for the broader market

Csquare’s IPO is a litmus test for how public market investors are pricing AI infrastructure exposure in mid-2026. The company’s retail colocation focus differentiates it from wholesale operators that lease entire buildings to single tenants. Retail colocation serves a broader, more diversified customer base, which can provide revenue stability but typically comes with lower margins per customer.

Csquare’s ability to support up to 150 kW per rack positions it at exactly the intersection where AI and crypto infrastructure needs overlap. Some Bitcoin miners have begun converting facilities for AI workloads, where the economics are currently more favorable.

Investors watching this IPO should pay close attention to post-listing debt trajectory and whether the company can sustain its 16% revenue growth rate as it scales. Brookfield’s continued majority control means retail shareholders will have limited governance influence.