Clear Street Group (CSIG) Registration Filing summary

Company overview and business model

• Operates a cloud-native, end-to-end capital markets platform powered by a single real-time ledger, serving sophisticated investors across asset classes, instruments, and geographies.

• Platform unifies trading, risk management, and financing, enabling efficient market access and real-time visibility into positions and risk.

• Revenue is generated primarily from net financing (margin, stock loan, custody) and transaction fees (commissions, clearing, investment banking, pass-through fees).

• Serves over 2,000 clients, with more than $17.7B in interest-bearing client balances and 3.8% U.S. equity market share as of September 2025.

• Technology stack enables rapid onboarding, modular application deployment, and scalability for new asset classes and geographies.

Financial performance and metrics

• FY2025E net revenues: $1,052M, up 127% YoY; FY2025E net income: $228M (22% margin); FY2025E adjusted EBITDA: $472M (45% margin).

• For the nine months ended September 2025: $783.7M revenue (160% YoY growth), $157.2M net income.

• FY2024 revenue: $463.6M (137% YoY growth), $89.1M net income.

• Average daily trading volume: 622M in 2025, up 70% YoY; average daily interest-bearing client balances: $14.4B in 2025, up 85% YoY.

• Adjusted net income and EBITDA exclude share-based compensation, amortization, and other non-core items.

Use of proceeds and capital allocation

• Estimated net proceeds of $922.4M (or $1,063.7M if underwriters' option exercised), to be used for working capital, capital expenditures, general corporate purposes, and potential acquisitions.

• No current intention to use proceeds to redeem Series A preferred stock.

• Management has broad discretion over use of proceeds.