Clear Street Group (CSIG) Registration Filing summary

Company overview and business model

• Operates a cloud-native, end-to-end capital markets platform with a single real-time ledger, serving trading, risk management, and financing needs for sophisticated investors across asset classes and geographies.

• Platform supports equities, options, futures, security-based swaps, FX, fixed income, and select digital assets, with modular proprietary applications and API connectivity.

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

• Serves individuals, institutions, intermediaries, and corporates, with a focus on clients underserved by legacy infrastructure.

• Platform architecture enables rapid onboarding, efficient financing, and deep integration, creating a compounding adoption flywheel.

Financial performance and metrics

• Net revenues for the nine months ended September 30, 2025: $783.7M, up 160% YoY; net income: $157.2M.

• FY 2024 net revenues: $463.6M, up 137% YoY; net income: $89.1M.

• Adjusted EBITDA for the nine months ended September 30, 2025: $362.8M (46.3% margin); FY 2024: $142.9M (30.8% margin).

• Average daily interest-bearing client balances grew 85% YoY to $13.0B for the nine months ended September 30, 2025.

• Average daily volume for the nine months ended September 30, 2025: 588.6M shares/contracts, up 88% YoY.

• As of September 30, 2025: total assets $72.7B; cash and cash equivalents $327.4M; total liabilities $71.8B.

Use of proceeds and capital allocation

• Net proceeds from the IPO will 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 the application of proceeds.