Csquare, a Dallas-based data center colocation company, has filed a confidential S-1 registration statement with the SEC and applied to list its shares on the New York Stock Exchange under the ticker CSQR.

What Csquare actually does

The company operates approximately 80 facilities across 30 markets, totaling around 3.5 million square feet of operational space and more than 500 MW of power capacity. Csquare runs the buildings where servers live, offering colocation and wholesale data center services to businesses that need reliable, scalable compute infrastructure without building their own facilities from scratch.

The company is backed by Brookfield Infrastructure Partners. Brookfield had previously explored dual-track exit options for Csquare, considering both an IPO and an outright equity sale before settling on the public markets path. The projected EBITDA target discussed during those explorations was approximately $600M. Morgan Stanley and TD Securities are advising on the process.

The IPO mechanics so far

Csquare submitted its confidential S-1 filing on or around April 24, 2026, with a public announcement following shortly after. No share count or pricing range has been publicly confirmed.

Why this matters for investors

The Brookfield pedigree adds a layer of credibility. Brookfield Infrastructure Partners manages tens of billions in global infrastructure assets, and its decision to pursue a public listing rather than a private sale suggests confidence that public market valuations for data center operators remain attractive. The dual-track exploration that preceded this filing indicates Brookfield ran a thorough process before choosing this route.

The competitive landscape is crowded but consolidating. Major publicly traded peers include names like Equinix and Digital Realty, both of which trade at substantial premiums to the broader market.