Data center operator Csquare, Inc. has raised gross proceeds of approximately $1,050.0 million after pricing its initial public offering at $21.00 per share. The offering values the company at about $1.05 billion. Shares are expected to begin trading on the New York Stock Exchange under the ticker symbol "CSQR" on July 16, 2026, with the offering scheduled to close on July 17, 2026. The New York Stock Exchange will provide exclusive coverage of Csquare CEO Spencer Mullee's executive remarks during the trading day.

Csquare granted the underwriters a 30-day option to purchase up to an additional 7,500,000 shares at the IPO price. If exercised in full, this over-allotment option could increase gross proceeds to $1,207.5 million. The company intends to use the net proceeds to repay a portion of its outstanding indebtedness and to pay fees and expenses related to the offering. Previously, Csquare had planned to offer 50 million shares in a range of $23 to $27 per share.

IPO Details

Use of Proceeds

The net proceeds from the offering will be allocated to the following:

• Repayment of a portion of outstanding indebtedness
• Payment of fees and expenses in connection with the offering

Morgan Stanley, TD Securities, and Wells Fargo Securities are serving as joint lead book-running managers, alongside BofA Securities, BMO Capital Markets, and Scotiabank. Jefferies, J.P. Morgan, RBC Capital Markets, and Societe Generale are acting as joint book-running managers, while Brookfield Capital Solutions, CIBC Capital Markets, National Bank of Canada Capital Markets, and PNC Capital Markets LLC are co-managers. Headquartered in Dallas, Texas, Csquare owns and operates a portfolio of data centers across the United States, Canada, and the United Kingdom.

Csquare, Inc. filed a registration statement on Form S-1 with the Securities and Exchange Commission to launch an initial public offering. The company aims to raise gross proceeds of approximately $1,150.0 million to $1,350.0 million through the issuance of 50,000,000 shares of common stock. The shares are expected to trade on the New York Stock Exchange under the ticker symbol "CSQR" with an anticipated price range of $23.00 to $27.00 per share.

The underwriters have been granted a 30-day option to purchase up to an additional 7,500,000 shares to cover over-allotments. If this option is exercised in full, the total gross proceeds could increase to a range of approximately $1,322.5 million to $1,552.5 million. Csquare plans to allocate a portion of the net proceeds to repay outstanding indebtedness and pay offering-related fees, with the remaining funds used for general corporate purposes.

Offering Details

Underwriting Syndicate

Morgan Stanley and TD Securities are serving as representatives of the underwriters. The syndicate is led by Morgan Stanley, TD Securities, Wells Fargo Securities, BofA Securities, BMO Capital Markets and Scotiabank as joint lead book-running managers. Jefferies, J.P. Morgan, RBC Capital Markets and Societe Generale are acting as joint book-running managers, while Brookfield Capital Solutions, CIBC Capital Markets, National Bank of Canada Capital Markets and PNC Capital Markets LLC are co-managers.

Regulatory Status

The registration statement on Form S-1 has been filed but has not yet become effective. The securities may not be sold nor may offers to buy be accepted until the registration statement becomes effective. The offering will be conducted only by means of a prospectus once the statement is effective.