Data center operator Csqure (CSQR.US) filed for a US IPO, aiming to raise $650 million.

Csquare, a hosting and colocation service provider that owns and operates 64 data centers in the United States and the United Kingdom, submitted an initial public offering (IPO) application to the U.S. Securities and Exchange Commission (SEC) on Tuesday, aiming to raise approximately $650 million. Csquare is a carrier-neutral hosting and colocation data center operator that offers space, power, and connectivity infrastructure to enterprises, network service providers, and cloud platforms to accommodate and run their IT equipment. As of March 31, 2026, the company operates 64 facilities in 21 major metropolitan markets in the United States, providing services for enterprise hosting, interconnection, and managed infrastructure solutions. Their data center designs are tailored to support long-running, availability-sensitive workloads, with a maximum rack power density of up to 150 kilowatts. Revenue primarily comes from recurring contracts for hosting and interconnection services, with interconnection services accounting for approximately 10%-13% of recurring revenue in recent years. Headquartered in Coppell, Texas, the company was founded in 2018 and reported $1 billion in revenue for the past 12 months ending March 31, 2026. The company plans to list on the New York Stock Exchange under the ticker symbol "CSQR." Csquare submitted the application confidentially on March 30, 2026. Morgan Stanley, TD Securities, Wells Fargo & Company Securities, Bank of America Securities, BMO Capital Markets, Scotiabank, Jefferies Financial Group Inc., J.P. Morgan, RBC Capital Markets, and French Industrial Bank will serve as joint bookrunners for the offering.