Csquare IPO raises $1.05 billion as investors bet on AI boom

Data center provider Csquare said on Thursday it raised $1.05 billion in its U.S. initial public offering as investors continued to back companies expected to benefit from the artificial intelligence boom.

The Dallas-based company sold 50 million shares at $21 apiece, below its marketed ‌range of $23 ⁠to $27, ⁠valuing it at about $3.25 billion.

A rebound in IPO activity has boosted ​market sentiment, prompting companies to accelerate listings while the issuance window ​remains open despite geopolitical uncertainty.


Growing demand for AI computing infrastructure has boosted investor interest in data center operators, which are expanding capacity to meet ⁠demand for ‌AI workloads.

Founded in 2019, Csquare owns and ​operates 64 ​data center sites across 21 metropolitan markets ⁠in North America and the UK, providing ​co-location and connectivity services to enterprises, cloud ​providers and telecommunications companies, according to its IPO filing.

Proceeds from the offering will be used to repay a portion of its outstanding indebtedness and pay fees and expenses in connection with the offering, the company said.

The ‌shares are expected to begin trading on the New York Stock Exchange under the ticker ​symbol "CSQR" on ​July 16.

After the ⁠offering, Brookfield will control about 67% of Csquare's voting power through entities it manages or controls.

Csquare's initial public offering is ​being made through a syndicate of underwriters with Morgan Stanley and TD Securities serving as representatives of the underwriters.