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 for sophisticated investors across asset classes and geographies.

• Platform supports over 2,000 clients, $31.3B in daily trading activity, and $17.7B in interest-bearing client balances as of late 2025.

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

• Platform is designed for scalability, rapid application deployment, and real-time data, serving individuals, institutions, intermediaries, and corporates.

• Recent expansion includes acquisition of Boom Securities in Asia-Pacific and Pulse Prime Technologies for digital assets.

Financial performance and metrics

• Net revenues for 2025 estimated at $1.04–$1.06B, up from $463.6M in 2024, reflecting 160% year-over-year growth for the first nine months of 2025.

• Net income for 2025 estimated at $220–$236M, up from $89.1M in 2024.

• Adjusted EBITDA for 2025 estimated at $460–$484M, up from $142.9M in 2024.

• Interest-bearing client balances averaged $14.4B in 2025, up 85% from 2024; average daily trades and volume also increased significantly.

• High client retention: 99.4% of institutional and intermediary clients retained in 2024.

Use of proceeds and capital allocation

• Estimated net proceeds of $922.4M (or $1.06B if underwriters' option exercised) at a $42/share midpoint.

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

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