Brookfield’s Csquare Files for IPO, Aiming to Succeed Where Cyxtera Failed
April 28, 2026
Brookfield’s Csquare Files for IPO, Aiming to Succeed Where Cyxtera Failed
Data center operator Csquare, a portfolio company of Brookfield Asset Management, has taken a significant step toward going public. The company announced this month that it confidentially submitted a draft S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) for a planned initial public offering. The move marks a major milestone for Csquare, which was formed just two years ago through the merger of two Brookfield-backed data center platforms.
Csquare was created in April 2024 when Brookfield merged Cyxtera and Evoque under a single brand. The entity now operates more than 80 facilities, offering approximately 400 megawatts of capacity across 3.5 million square feet (325,161 square meters). The company said it expects to use part of the proceeds from the IPO to pay down its debt, with the remainder allocated for general corporate purposes. Specific details, including the number of shares to be offered and the proposed price range, have not yet been disclosed.
The IPO filing represents a fresh attempt to bring a Brookfield-owned data center company to public markets, following the troubled history of Cyxtera. Cyxtera was originally carved out of CenturyLink’s colocation business and went public in 2021 through a merger with Nasdaq-listed Starboard Value Acquisition Corp. in a $3.1 billion deal. However, the company filed for bankruptcy in 2023, just two years after its SPAC-driven listing. Brookfield acquired Cyxtera out of bankruptcy that same year and merged it with Evoque, a platform Brookfield had formed in 2019 after acquiring AT&T’s data center and colocation assets.
Industry observers view the IPO as a test of investor appetite for data center assets amid a booming demand for digital infrastructure driven by cloud computing and artificial intelligence. The company’s portfolio, which spans both retail colocation and wholesale data center services, positions it to capitalize on the growing need for capacity. However, the legacy of Cyxtera’s bankruptcy may weigh on investor sentiment, making the execution of Csquare’s growth strategy and debt reduction plan critical to the offering’s success.
Source: datacenterdynamics
