Technology company Csquare, which is supported by Brookfield Corp, announced today its plans for an initial public offering in the United States, targeting a maximum valuation of $4.18 billion. This move is set to become one of the larger technology IPOs in the second half of 2026.
Csquare is a business focused on AI-driven supply chain optimization software, with its client base covering leading companies in the manufacturing, logistics, and retail sectors. According to the prospectus filed by the company with the U.S. Securities and Exchange Commission, Csquare plans to issue approximately 25 million shares of common stock, with an expected price range of $14 to $16 per share. If priced at the top of the range, the total funds raised would reach about $400 million.
The prospectus indicates that Csquare achieved revenue of approximately $340 million in 2025, representing a 45% year-over-year increase, with about 60% of that coming from annual subscription revenue. The company turned a full-year profit for the first time in 2025, reporting a net income of around $32 million. As of the first quarter of 2026, Csquare's annualized recurring revenue exceeded $400 million, up approximately 38% from the prior year.
Brookfield Corp, as the largest shareholder in Csquare, currently holds about 65% of the company's shares. It plans to sell some of its existing shares in this IPO but will retain a controlling stake. Brookfield initially invested in Csquare in 2023 through its private equity fund and has supported the company in several strategic acquisitions over the past two years.
The Chief Executive Officer of Csquare stated that going public will provide the company with broader financial and brand support to accelerate product development and market expansion. The company plans to use the proceeds from the offering for AI technology research and development, sales team expansion, and potential merger and acquisition opportunities. Csquare has approximately 1,200 employees globally and maintains offices in North America, Europe, and the Asia-Pacific region.
Goldman Sachs, Morgan Stanley, and Jefferies are acting as the lead underwriters for this IPO. Csquare is expected to list on the Nasdaq exchange under the ticker symbol "CSQ." If market conditions remain stable, the IPO pricing is anticipated to be finalized by the end of this month. Analysts note that Csquare's market debut performance will serve as a key indicator of investor interest in AI software companies and will provide a reference point for other technology firms preparing for U.S. listings.