Editor’s Note: Quantum computing IPOs are soaring 187%, 413% and even 1,332%. The next quantum security company is preparing to open a final Pre-IPO financing – before going public on Nasdaq or the NYSE.
Brookfield is a $1 trillion asset manager that’s been buying up the physical backbone of the internet. This week, it's taking a piece of that empire public.
The company is called Csquare.
It operates 64 data centers across the U.S., Canada, and the U.K. Every AI query, every model, every training run has to live somewhere physical. Csquare rents out its datacenters — the space, the power, the connections — to more than 1,700 customers.
That's Brookfield’s pitch. Investors have bid up shares of data center stocks including Digital Realty (NYSE: DLR) and Equinix (Nasdaq: EQNX) this year.
Csquare will be this week’s test of investors’ appetite for the next AI data center stock.
Csquare (NYSE: CSQR)
Price Range: $23 – $27
Shares Offered: 50 million
Target Raise: $1.25 billion
Market Cap at IPO: $4 billion
Pricing: July 15, 2026
Trading: July 16, 2026
Have you heard about the next quantum Pre-IPO? Here’s a link to invest before IPO day.
The pitch is recurring revenue and stickiness. Customer churn is under 2%. The top 50 customers have stayed for more than 12 years on average. And about 80% of the company's 10 largest deals last year were tied to AI or high-performance computing.
Brookfield — a $1 trillion asset manager — will own roughly 67% of Csquare after the IPO. That means Csquare will be a "controlled company," so public shareholders get limited say on governance. Deep pockets on one side, less control on the other.
Now the numbers.
· Revenue grew 16% last quarter to $270 million
· Adjusted EBITDA grew 25% to $108 million
But Csquare isn't profitable. The net loss widened to $66 million last quarter from $35 million a year earlier — driven by heavy interest expense and depreciation. That's typical for a capital-intensive data center business, but it's real.
The balance sheet is the thing to watch. Csquare carries roughly $5.1 billion in debt against negative equity. Most of the IPO proceeds — about $921 million — go straight to paying down borrowings. This is a balance-sheet repair as much as a growth story.
The timing is important.
AI infrastructure is hot, but investors are getting choosier. SpaceX ran up 67% after its June debut, then gave back more than a third. Recent AI names like Cerebras and Fervo have pulled back after richly priced IPOs and big price gains on IPO day.
Csquare priced at what looks like a discount to Equinix on an EV/EBITDA basis — closer to Digital Realty. That's the bull case: reasonable valuation, real cash flow, secular tailwind. The bear case is the debt and leverage, the GAAP losses, and a market that's growing skeptical of anything with "AI" attached.
Watch the pricing news Wednesday evening. Where it prints in the $23–$27 range will tell you how much demand there was for the offering. Pricing at the top end of the range would suggest and oversubscribed IPO – and could set the stage for an IPO day price jump.
I’ll be watching Csquare from the sidelines.
Right now, I’m investing in a new quantum computing security company. It could be critical to securing banks, digital assets, medical records, and our nation’s infrastructure and defense systems from quantum computing threats.
The company is preparing to raise a FINAL round of funding – before the IPO.
Ian Wyatt
Editor, IPO Watch