Clear Street Group (CSIG) Registration Filing summary

Company overview and business model

• Operates a cloud-native, end-to-end capital markets platform unifying trading, risk management, and financing on a single real-time ledger.

• Serves Individuals, Institutions, Intermediaries, and Corporates, providing access to multiple asset classes and financial instruments.

• Generates revenue primarily from net financing (margin, stock loan, custody) and transaction fees (commissions, clearing, investment banking).

• Platform supports over $31.3B in daily trading activity and $17.2B in interest-bearing client balances as of September 2025.

• Technology enables rapid onboarding, efficient financing, and deep integration, with a self-reinforcing cycle of data-driven growth.

Financial performance and metrics

• Nine months ended September 30, 2025: $783.7M revenue (160% YoY growth), $157.2M net income.

• Year ended December 31, 2024: $463.6M revenue (137% YoY growth), $89.1M net income.

• Estimated 2025 net revenues: $1,042M–$1,062M; net income: $220M–$236M; Adjusted EBITDA: $460M–$484M.

• Interest-bearing client balances grew 88% YoY to $13.2B for the nine months ended September 2025.

• Adjusted EBITDA margin reached 46.3% for the nine months ended September 2025.

Use of proceeds and capital allocation

• Net proceeds of ~$922.4M (or ~$1.06B if underwriters' option exercised) expected, assuming $42.00/share IPO price.

• Proceeds intended for working capital, capital expenditures, general corporate purposes, and potential acquisitions.

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