Data center operator Csquare, Inc. has priced its initial public offering at $21 per share, below the marketed range it had disclosed last week, Bloomberg News reported Wednesday.
Brookfield considers buying a portion of the IPO
Brookfield Corporation (NYSE:BN) is said to be in talks to buy a portion of the IPO, the report added, citing people familiar with the matter.
In its filing with the SEC last week, Csquare said it planned to offer 50 million shares at an expected price of $23 to $27 per share, which would have had a valued the offering at up to $1.35 billion.
At $21 per share, the company would be valued at about $1.05 billion.
Csquare and Brookfield did not immediately respond to Benzinga’s request for comment.
Brookfield and its associates are expected to control 67.1% of the company’s voting power after the IPO, according to the filing.
Funds To Pay Down Outstanding Debt
Csquare said it would use the IPO proceeds to repay its revolving credit facility, which had $771 million outstanding at the end of June, and a $75 million promissory note owed to Brookfield.
Founded in 2019, Dallas-based Csquare owns and operates more than 60 data center sites across the U.S., Canada, and the UK.
Morgan Stanley, TD Securities, Wells Fargo Securities are leading the offering, alongside BofA Securities, BMO Capital Markets and Scotiabank.
AI Boom Fuels Data Center Demand
The AI buildout has turned data centers into a critical infrastructure, with companies spending hundreds of billions to secure land, power, and computing capacity.
U.S. technology companies committed more than $850 billion for data center leases in the first quarter of 2026, setting a record high amid the AI boom.
Csqaure is expected to make its debut on Thursday and will trade on the New York Stock Exchange under the symbol "CSQR".
Benzinga edge rankings indicate BN has a Momentum score in the 23rd percentile and a Growth score in the 24th percentile. a
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