1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Capital Structure
3. What does Csquare, Inc. do?
4. Valuation
Discussion
Symbol
CSQR
Event Date
2026-07-16
Sector
Information Technology
Subsector
IT Services
Offer Range
$21.00
Shares Offered
50M
Shares Outstanding Pre-IPO
103.99M
154.94M
$3.3B
32.3%
Implied Upside vs Midpoint
Description
Csquare is a leading North American enterprise digital infrastructure platform providing carrier-neutral colocation and interconnection services that support the applications powering the modern economy. We deliver mission-critical infrastructure to a diversified customer base of more than 1,700 enterprise, network, cloud, and technology customers. Our facilities support long-duration, availability-sensitive workloads with high barriers to exit, underpinned by strong customer retention, recurring revenue, and requirements for exceptional reliability, security, and connectivity. We own and operate a geographically diverse portfolio of highly engineered, carrier-neutral data centers located in 21 major metropolitan markets across the United States, Canada and the United Kingdom. Given our presence in strategic locations, over 92% of the U.S. population is within two milliseconds of latency from one of our data centers. Our data centers provide essential infrastructure, including secure space, redundant power, advanced cooling systems, physical security, and dense interconnection capabilities, enabling customers to deploy and operate critical IT and network infrastructure. As of March 31, 2026, our platform is comprised of 64 sites across 21 major metropolitan markets, delivering approximately 389 megawatts (“MW”) of Sellable Power Capacity and more than 36,600 interconnection products. --- Our platform is purpose-built to serve enterprise customers with complex operating requirements, including the need for network proximity, consistent operating standards, and high service availability. We focus primarily on sub-5 MW colocation deployments within multi-customer, interconnection-rich environments. We opportunistically can and will consider larger deployments based on customer demand. This approach allows us to support a broad range of long-standing blue-chip customers while maintaining high levels of operational efficiency and scalability across our portfolio. We generate a majority of our revenue from recurring colocation and interconnection services under contractual arrangements that generally range from one to seven years, with our average remaining contract term being approximately 33 months as of March 31, 2026. We believe our diversified customer base, combined with the mission-critical nature of our services and the high switching costs associated with data center relocation, has contributed to our Net Revenue Churn, which was less than 2% for each of the three months ended March 31, 2026 and 2025, and stable, predictable cash flows. Our multi-customer operating model is designed to drive significant customer diversification and limit reliance on any single customer or industry vertical. In addition, we believe our interconnection-rich facilities enhance customer retention and support incremental revenue growth through cross-connects and expansion deployments. As customers scale their infrastructure within our data centers, we believe we will be able to benefit from embedded growth with limited incremental capital investment. Our customers rely on us as a critical infrastructure partner that simplifies the deployment and operation of mission-critical IT environments. We provide a geographically proximate, carrier-neutral colocation platform with pre-built power and cooling infrastructure that can be activated and scaled quickly within existing facilities. This enables enterprises to deploy capacity with short lead times, predictable costs, and minimal upfront capital. Because our buildings, infrastructure and fiber ecosystems are already in place, customers benefit from low-latency connectivity, reduced execution risk, and flexible, modular expansion without the complexity or capital intensity of self-build or greenfield alternatives. This value proposition has driven sustained demand and strong customer adoption. Strong operating performance and cash generation have enabled us to fund growth primarily through operating cash flow and disciplined financing activities. Our expansions are typically executed within existing, transformer-enabled facilities, requiring site-specific capital expenditures and typically costing on a net basis approximately $4 million to $8 million per MW—meaningfully lower than the expected cost of greenfield development. This capital-efficient expansion model allows us to add incremental revenue with limited reliance on new building construction. As enterprises place additional workloads into production, including hybrid cloud and inference use cases, our portfolio of urban, carrier-neutral data centers provides a durable runway for scalable growth. We believe our portfolio, operating strategy, and customer mix position us to benefit from long-term secular trends, including increased enterprise outsourcing of data center infrastructure, growth in network-intensive and latency-sensitive applications, artificial intelligence (“AI”) inference, and rising demand for reliable, secure, and interconnected digital infrastructure. We believe our disciplined capital allocation strategy, strong corporate liquidity and operating cash flows, as well as focus on operational excellence, support sustainable growth. Our business has grown rapidly since inception, including organically and through acquisitions in January 2024 and October 2025. Our revenue was $270.5 million and $232.8 million for the three months ended March 31, 2026 and 2025, respectively, representing year-over-year growth of 16%. Our revenue was $987.0 million, $907.6 million and $198.3 million for the years ended December 31, 2025, 2024 and 2023, respectively, representing year-over-year growth of 9% and 358%, respectively. Our net loss for the three months ended March 31, 2026 and 2025 was $66.0 million and $34.9 million, respectively. Our net income (loss) for the years ended December 31, 2025, 2024 and 2023 was $(119.9) million, $458.5 million and $(79.7) million, respectively. Our Adjusted EBITDA for the three months ended March 31, 2026 and 2025 was $108.3 million and $86.3 million, respectively. Our Adjusted EBITDA for the years ended December 31, 2025, 2024 and 2023 was $390.0 million, $288.7 million and $18.1 million, respectively. Our funds from operations (“FFO”) for the three months ended March 31, 2026 and 2025 were $18.5 million and $28.8 million, respectively. Our FFO for the years ended December 31, 2025, 2024 and 2023 were $152.0 million, $718.1 million and $(29.3) million, respectively. Adjusted EBITDA and FFO are non-GAAP financial measures. --- We were organized under the laws of the State of Delaware as a limited liability company on May 25, 2018 and converted to a corporation under the laws of the State of Delaware on June 15, 2026. Our principal executive offices are located at 3100 Olympus Blvd., Suite 510, Coppell, TX 75019. Our telephone number is (855) 699-8372. Our website is located at https://www.csquare.com.
Post-IPO economic shares by class, valued at the offer midpoint.
| Class | Shares | % Economic | Est. value |
|---|---|---|---|
Common Stock (listed) 1 vote per share | 154.84M | 99.9% | $3.3B |
Member's interest (common units) n/a (LLC member interests prior to conversion) · Converted to common stock as described in prospectus (pro forma common shares shown elsewhere) | 103.89K | 0.1% | $2.2M |
| Total economic shares | 154.94M | 100% | $3.3B |