Csquare, Inc.

424B4 priced

Price $21.00 · 50,000,000 shares · Gross proceeds $1,050,000,000

FWP supplemental

Price $21.00 · 50,000,000 shares · Gross proceeds $1,050,000,000

Csquare, Inc. is conducting an initial public offering (IPO) of 50 million shares of common stock at $21.00 per share, with an underwriters' option to purchase an additional 57.5 million shares. The company plans to use $921 million of net proceeds to repay outstanding debt, including its Revolving Credit Facility, Promissory Note, and Series 2024-1 Variable Funding Notes, with remaining proceeds for general corporate purposes. Post-offering, Brookfield entities will own approximately 69% of outstanding shares (65.8% if the underwriters exercise their option). Certain Brookfield-affiliated entities have committed to purchasing $250 million in shares at the IPO price.

EFFECT effective

8-A12B effective

CERT inactive

S-1/A amended

Range $23.00 to $27.00 · 50,000,000 shares

Csquare, Inc. reports strong financial performance in Q1 2026 with a 16% revenue increase to $270.46 million, driven by colocation growth, the 2025 Portfolio Acquisition, and rising metered power revenue. Contracted Power Sold exceeded 100% in Q1 2026, reflecting efficient infrastructure utilization. Net Revenue Churn improved slightly to 1.8% in Q1 2026, while Bookings grew 47% year-over-year. The company highlights ongoing expansion through acquisitions and emphasizes recurring revenue streams. Post-IPO stock-based compensation expenses are projected at $123 million for unvested equity awards.

S-1/A amended

Csquare, Inc. reports significant revenue growth in Q1 2026, driven by organic and inorganic expansion, including the 2025 Portfolio Acquisition. Key metrics like Contracted Power Sold increased to 101% in Q1 2026, while Bookings rose 47% year-over-year. The company also highlights improved operational efficiency, with Cost of Revenues as a percentage of revenue decreasing to 50% in Q1 2026. Financial results show a $37.7M revenue increase, partially offset by declines in interconnection revenues due to customer churn.

S-1 filed

Csquare, Inc. reported revenue growth of $37.7 million (16%) in Q1 2026, driven by colocation (up $28.1M), metered power (up $9.4M), and the 2025 Portfolio Acquisition. Cost of revenues increased 10% to $136.5M, while depreciation/amortization rose 33% to $84.5M due to acquisition-related assets. Transaction costs surged 272% to $10.5M, primarily from offering-related professional fees. Interest expense jumped 62% to $88.4M from debt assumed in the 2025 acquisition. Net loss widened to $119.9M in Q1 2026 compared to $34.9M in Q1 2025, though income tax benefits increased 115% to $11.7M.

DRS/A amended

CONFIDENTIAL-S1 filed

Range $23.00 to $27.00 · 50,000,000 shares

Csquare disclosed a confidential draft S-1 submission on April 24, 2026, followed by a public S-1 filing on June 16, 2026 and IPO launch on July 5, 2026. The source chain supports a confidential SEC filing that progressed into an active NYSE IPO under the symbol CSQR.

CONFIDENTIAL-S1 filed

In-window reporting on June 16, 2026 established that Csquare had moved from an earlier confidential draft S-1 submission into a public S-1 filing stage, with NYSE/CSQR and an identified underwriting group but no price terms yet disclosed.

DRS filed