Csquare, Inc. (CSQR) Stock Price & How to Invest

Csquare runs roughly 60 carrier-neutral data centers across about 21 metropolitan markets in the United States, Canada and the United Kingdom, renting secure space, resilient power, cooling and dense network connectivity to more than 1,700 enterprise, network, cloud and technology customers. The business is retail colocation rather than hyperscale build-to-suit: deployments are typically under 5 MW, contracts are recurring, and the stickiness comes from the interconnection ecosystem, with more than 36,600 cross-connect and related products sold across the estate. The company was built by Brookfield, which bought Evoque from AT&T in 2019 and then acquired Cyxtera out of bankruptcy in early 2024, combined them under the Centersquare name and renamed the platform Csquare ahead of the IPO. It is headquartered in Coppell, Texas, and is led by CEO Spencer Mullee.

The investment picture is a turnaround meeting a demand cycle. Second quarter 2026 revenue was ~$280 million, up 14.5% year over year, adjusted EBITDA was ~$120 million at a 46.2% margin, and net revenue churn fell to 2.4% from 2.9%. Contracted power capacity reached 410 MW against 385 MW of sellable capacity, so contracted power sold sits at 107%, meaning the constraint is delivering new megawatts rather than finding customers. Against that, the company still lost ~$49 million in the quarter and roughly ~$186 million on a trailing twelve month basis, and it plans ~$610 million to ~$660 million of growth capital expenditure in 2026 against ~$460 million to ~$480 million of guided adjusted EBITDA. The July IPO raised ~$1.16 billion net, all of which went to repaying debt and cut annualised interest expense by ~$63 million, which is the single largest change to the earnings profile going forward.

The underlying assets came out of distress, with Cyxtera having gone through bankruptcy in 2023 and Evoque being a carve-out from AT&T, so a meaningful part of recent margin improvement is turnaround work that has to keep going rather than a steady-state run rate. The company is still loss-making at the GAAP line and free cash flow is negative once growth capex is counted, so the balance sheet that the IPO just cleaned can re-lever. There is exactly one quarter of public reporting, no history of hitting or missing guidance, and Brookfield still holds the large majority of the shares after selling roughly a third of the company, which leaves a supply overhang when IPO lockups lapse. Competition is real: Equinix and Digital Realty are far larger with cheaper capital and denser interconnection ecosystems, private operators like Cologix, DataBank, Flexential and TierPoint fight for the same enterprise deployments, and hyperscalers can pull workloads onto their own footprint. Finally, being contracted past 100% only converts to revenue if new capacity lands on schedule, and power availability, utility interconnect queues and electrical equipment lead times are the industry's tightest constraints right now.

10 analysts publish price targets on CSQR, averaging $28.50 against a $22.98 price as of August 2026, or +24.0%. The published targets run from $24.00 to $46.00, a wide spread, and the ratings split 9 buy, 1 hold, 0 sell. Over the last six months there have been 0 raises and 0 cuts among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.

Read the full CSQR forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.

We give no verdict on Csquare, Inc.. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. Capacity is sold beyond what exists. Contracted power sold reached 107% at the end of the second quarter, up from 87% a year earlier, with 410 MW contracted against 385 MW sellable. The most optimistic published target, $46.00, assumes this works close to its best case.

The case against. The underlying assets came out of distress, with Cyxtera having gone through bankruptcy in 2023 and Evoque being a carve-out from AT&T, so a meaningful part of recent margin improvement is turnaround work that has to keep going rather than a steady-state run rate. The most pessimistic target, $24.00, is roughly what CSQR is worth if this bites instead.

Read the full bull and bear case on CSQR, including what would have to change to break either one. Walnut is not an investment adviser.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Csquare, Inc.'s investor relations page or your broker.

• Revenue (TTM): ~$1.06B
• Q2 2026 revenue: ~$280M, up ~14.5% year over year
• Q2 2026 adjusted EBITDA: ~$120M at a ~46.2% margin
• Net loss (TTM): ~$186M (Q2 alone was ~$49M)
• 2026 guidance: revenue ~$1.13B to ~$1.17B, adjusted EBITDA ~$460M to ~$480M
• Market cap: ~$3.6B to ~$3.8B at ~$23 a share, roughly 3.4x trailing sales

There is no meaningful price to earnings figure because Csquare loses money at the GAAP line, so the multiples that matter here are sales and adjusted EBITDA, and enterprise value sits well above market capitalisation because debt remains on the books even after the ~$1.16 billion IPO paydown. On guided 2026 adjusted EBITDA of ~$460 million to ~$480 million the equity alone is priced at roughly 8x, which is a fraction of what Equinix and Digital Realty carry. That discount is the argument and the warning at the same time: it reflects the distressed history of the assets, the negative free cash flow while growth capex runs at ~$610 million to ~$660 million, and the fact that the market has seen one quarter of numbers.

Other names that sit close to CSQR: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get CSQR exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so CSQR sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where CSQR fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

Csquare is a real, cash-generating colocation platform growing into more demand than it has capacity for, wrapped around a turnaround story with one quarter of public reporting and a heavy capital budget still ahead of it.

Whether CSQR is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is CSQR a buy or a sell?, and where the stock could go from here in the CSQR stock forecast.

For income investors, whether CSQR pays a dividend and how the payout looks is covered in does CSQR pay a dividend? And to weigh CSQR against a peer, read the full side-by-side comparisons: CSQR vs EQIX and CSQR vs DLR.