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Clear Street Group Inc. has set terms for its Nasdaq IPO under the ticker CLRS, offering 23,809,524 shares of Class A common stock at an expected price range of $40.00 to $44.00 per share, implying gross proceeds of approximately $1.0 billion at the $42.00 midpoint. Based on approximately 244 million shares outstanding pro forma for the offering, the company would command an equity market capitalization of roughly $10.3 billion, or approximately $11.9 billion on a fully diluted basis including outstanding options and restricted stock units. The offering is being led by Goldman Sachs, BofA Securities, Morgan Stanley, UBS Investment Bank, and Clear Street.
Founded to modernize institutional market structure, Clear Street operates a technology-first prime brokerage, clearing, custody, and capital markets platform that replaces legacy, multi-vendor systems with a vertically integrated, proprietary stack. By owning its clearing rails and core infrastructure, the company aims to streamline onboarding, reduce operational friction, improve capital efficiency, and offer more transparent pricing for hedge funds, market makers, and other institutional clients.
Unlike traditional broker-dealers that rely on outsourced clearing and fragmented workflows, Clear Street consolidates execution, clearing, custody, securities lending, and financing onto a unified platform. Management believes this architecture enables faster product development, tighter risk management, and lower structural costs, positioning the firm to gain share as regulatory complexity and capital requirements continue to rise across the broker-dealer ecosystem.
Clear Street has already built meaningful scale across its platform. The company serves approximately 2,000 institutional clients and supports more than 40 million platform end users, while maintaining 52 exchange and clearing memberships globally. Management estimates the firm processes roughly 3.8% of U.S. equity market share, with approximately $17.7 billion in interest-bearing client balances and average daily trading volume of roughly 622 million shares in fiscal 2025, underscoring the breadth and depth of its clearing and custody footprint.
The IPO will introduce a dual-class share structure, with Class B shares carrying ten votes per share and remaining concentrated with Clear Street Global Corp., leaving public shareholders with limited voting power and qualifying the company as a Nasdaq “controlled company.” While the structure preserves founder control and long-term strategic flexibility, it may limit minority shareholder influence over governance matters.
Institutional demand signals appear constructive. Funds and accounts managed by BlackRock have indicated interest in purchasing up to $200 million of shares as a cornerstone investment, potentially anchoring the order book. A portion of the shares has also been allocated through a directed share program.
Financially, Clear Street has demonstrated rapid top-line expansion and improving operating leverage. Net revenues more than doubled in 2024 and continued accelerating through the first nine months of 2025, while operating margins expanded meaningfully as fixed infrastructure costs scaled across a larger client base. The company generated positive operating income in both 2024 and year-to-date 2025, with profitability increasing alongside revenue growth, reflecting management’s emphasis on automation and owned infrastructure.
Proceeds from the offering are expected to support continued investment in clearing and custody infrastructure, regulatory capital, technology development, and general corporate purposes to fund client growth. Over time, management intends to broaden product capabilities and deepen relationships with institutional customers seeking an integrated alternative to traditional prime brokers.
Key risks include dependence on capital markets activity and trading volumes, counterparty and credit exposure within clearing operations, regulatory oversight of broker-dealers, and the operational complexity of maintaining proprietary clearing infrastructure. The dual-class structure and concentrated insider ownership may also present governance considerations for public investors.
Overall, Clear Street’s IPO represents one of the more notable financial infrastructure offerings of the year and provides investors exposure to a modernized, software-driven prime brokerage and clearing platform designed to challenge legacy incumbents. If the company successfully executes on its integrated model, it could benefit from continued consolidation of institutional trading workflows onto scalable, technology-enabled systems.
The CLRS IPO is expected to begin trading on Nasdaq on Thursday, February 12, 2026.
