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(Incorporated in Delaware)
Clear Street is a financial infrastructure technology company that has built what we believe is the first cloud-native, end-to-end capital markets platform powered by a single real-time ledger. Our platform supports our clients’ capital markets activity by unifying trading, risk management, and financing on a single platform. As a result, our system provides clients efficient market access plus accurate and real-time visibility into their positions and risk. We operate within the financial services ecosystem enabling sophisticated investors to access the global market on a growing set of asset classes, financial instruments and markets. We connect our infrastructure to banks, clearing houses, depositories, brokers and exchanges to facilitate client activity.
We launched our operations in 2019.
Our infrastructure underpins every client interaction and allows us to expand functionality without rebuilding or duplicating systems. Our cloud-native platform enables clients to trade, manage risk, and finance activity across asset classes, financial instruments and geographies through a modular, connected suite of proprietary applications. Studio, the client interface of our platform, unifies access to these applications—providing a single environment through which clients interact with our infrastructure via a Clear Street web interface or through Clear Street application programming interfaces (“APIs”). Applications form the functional layers of our platform by transforming client activity into value. All applications draw from the same real-time dataset and connect directly to counterparties, exchanges, and clearing houses globally turning trading, risk, and financing into one unified platform. Together, they span the full lifecycle of a trade:
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Trading and Execution. Clients can trade by utilizing our execution management system (“EMS”) application or by connecting directly to our infrastructure through the Financial Information Exchange connectivity protocol (“FIX”) or our APIs. These enable clients to send electronic trade orders directly to executing brokers, trading algorithms, exchange or trading venues. Clients may also choose to engage our high-touch trading desk, where experienced market professionals provide tailored trading strategies, source liquidity across venues, and advise on complex or sensitive trades. This service enables clients to leverage our market expertise and relationships to optimize outcomes that may not be achievable through fully electronic trading.
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Clearing and Custody applications handle settlement, recordkeeping, and safekeeping of client assets, ensuring trades are processed accurately, positions and collateral are reconciled, and assets remain protected.
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Risk and Margin applications then calculate exposure and capital requirements in real time.
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Portfolio Management and Analytics applications provide a single view of performance and positions across accounts, asset classes and financial instruments.
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Lifecycle Management applications automate post-trade events such as option exercises, assignments, and other corporate actions.
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Financing and Stock Loan applications handle funding and securities lending, helping clients finance positions, optimize collateral, facilitate shorts, and generate yield.
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Other Operational Workflow and Compliance applications facilitate the entire end-to-end trade lifecycle, including regulatory reporting, reconciliation, trade surveillance, account onboarding, account master, security master, and pricing.
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We generate revenue primarily across two categories: net financing and transactions. Net financing revenues are primarily generated by our financing, stock loan and custody applications and include net financing generated from customer margin debit, credit and short balances associated with equities, options, futures, and fixed income positions, as well as net financing generated from security-based swaps in equities. Transaction revenues are primarily generated by our trading, execution and clearing applications and include (i) commissions, clearing fees and locate service fees, (ii) investment banking income, and (iii) client pass-through fees. See also “Management’s Discussion and Analysis of Financial Condition and Results of Operations” for more information.
For the month of September 2025, our platform supported over 2,000 clients and more than $31.3 billion in daily trading activity. As of September 30, 2025, our platform supported more than $17.2 billion in interest-bearing client balances, clearing approximately 3.8% of the U.S. equity market. For the nine months ended September 30, 2025, we generated $783.7 million in revenue, representing 160% year-over-year growth, and $157.2 million in net income. For the year ended December 31, 2024, we generated $463.6 million in revenue, representing 137% year-over-year growth, and $89.1 million in net income. In total, our clients traded more than $4 trillion across equities and other asset classes and financial instruments through our platform in 2024, averaging 50 million transactions per month. For the nine months ended September 30, 2025, our clients traded more than $5 trillion across equities and other asset classes and financial instruments through our platform, with approximately 90 million transactions in September 2025. With the platform and applications we have today, we estimate that our serviceable addressable market (“SAM”) is approximately $128 billion in annual revenue based on market activity in the geographies we serve across the asset classes and financial instruments we currently support and client personas we currently serve. In addition, we estimate that our total addressable market (“TAM”) is approximately $310 billion and includes approximately $182 billion of additional opportunity for us.
Note: Net income and revenue are for the 12 months that ended Sept. 30, 2025.
(Note: Clear Street Group Inc. filed its S-1 for its IPO on Jan. 20, 2026, without disclosing the terms. Estimated proceeds are $100 million, but that is just a placeholder figure. Some Wall Street pros believe that Clear Street Group’s IPO could raise around $800 million to as much as $1 billion.)
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