Brookfield-backed Csquare valued at $3.2 billion in NYSE debut

Brookfield-backed ⁠data center provider Csquare’s ⁠shares opened marginally lower before closing 1.57% lower in ​their New York Stock Exchange debut on Thursday, after the initial public offering was ‌priced below its marketed range.

Shares ‌opened at $20.9 after the Dallas-based company priced its IPO at $21 per ⁠share, below ⁠its marketed range of $23 to $27. It closed at $20.67, valuing the ​firm at $3.2 billion.

The debut underscores investors’ caution toward new listings, even for companies benefiting from booming AI-driven data center demand, as markets scrutinize valuations and pricing.

The company’s ​decision to price below its marketed range suggests investors remain selective despite ⁠the ⁠AI frenzy.

“Csquare likely had to ⁠price ​below the range because investors saw attractive exposure to data-center demand amid substantial ​leverage and continued losses,” ⁠said IPOX Research Associate Lukas Muehlbauer.

“Investors were not willing to support the marketed range, pointing to a selective buyer’s market that is not simply taking anything with AI exposure at any cost.”

However, growing investor appetite for companies ⁠supporting AI development has sparked a wave of listings in the sector.

The ⁠debut comes a week after South Korean chipmaker SK Hynix’s $26.5-billion U.S. listing.

It also follows the blockbuster debut of chip designer Cerebras Systems, as well as Blackstone-backed data center REIT, which raised $1.75 billion in its U.S. IPO in May.

“Still, completing the deal shows that the market remains open for AI-infrastructure companies, although the reception looks disciplined rather than overheated,” Muehlbauer added.

Standard ⁠Nuclear’s ⁠shares slid about 10% ⁠in their New York Stock Exchange debut on Thursday after the ​company slashed its offering size by about half as investors remain cautious about valuations.

The Oak ‌Ridge, Tennessee-based company’s shares opened ‌at $13.50, below its offered price of $15 apiece, giving the nuclear fuel firm a ⁠valuation of $2.17 ⁠billion.

The market debut highlights that investors remain selective despite renewed enthusiasm ​for nuclear power, fueled by surging electricity demand from artificial intelligence data centers and supportive U.S. policies.

Technology giants and utilities are increasingly seeking carbon-free, round-the-clock electricity to support the rapid expansion ​of AI infrastructure, driving renewed interest in nuclear energy.

“We have more demand than ⁠we ⁠have production capability. The capital ⁠that ​we already had on our balance sheet and this new capital, positions us to ​expand our production capability,” Standard ⁠Nuclear CEO Kurt Terrani told Reuters in an interview.

While companies linked to the nuclear supply chain have attracted attention, investors have been cautious towards high-risk businesses.

Still, companies in the sector are expected to benefit from a series of executive orders moved by ⁠the Trump administration in May 2025, designed to speed up reactor approvals and ⁠support the nuclear fuel supply chain.

U.S. President Donald Trump aims to quadruple the country’s nuclear power capacity by 2050 to meet rising electricity demand from data centers, electric vehicles and cryptocurrencies.

“This administration has been incredibly effective in policy. Beyond the United States, we see there’s huge opportunities for nuclear, where you need reliable, clean, low-cost energy,” Terrani said.

He said hyperscalers and data center operators “are very interested in advanced nuclear” because it makes economic sense ⁠and offers reliable power.