Feb 4 - Clear Street, a securities and derivatives broker founded in 2018, is seeking a U.S. initial public offering that could place the company at a valuation of up to $11.8 billion. The firm said it intends to offer 23.8 million shares with a price range of $40 to $44 per share, targeting proceeds of up to $1.05 billion.
The New York-based firm began as a prime brokerage platform and has since broadened its operations to include services such as investment banking and equity research. In connection with the planned public offering, funds managed by BlackRock have signaled interest in acquiring as much as $200 million of Clear Street stock.
Offering and listing details
Clear Street plans to list on the Nasdaq under the ticker symbol CLRS. The company named Goldman Sachs, BofA Securities, Morgan Stanley, UBS Investment Bank and Clear Street itself as the lead book-running managers for the sale of shares.
Management provided revenue expectations for 2025, forecasting net revenue in a range between $1.04 billion and $1.06 billion, up from $463.6 million in the prior year.
Market backdrop
The planned offering arrives as the U.S. IPO market shows renewed activity. Equity markets at record highs and demand for new listings have contributed to a cluster of large debuts in early 2026. This week in New York, eight companies are scheduled to raise at least $100 million each, representing the busiest week for sizable IPOs since 2021, according to IPO-focused research and ETF providers tracking the market.
Last year’s historic U.S. government shutdown disrupted deal flow, and the current uptick in issuance reflects a pickup in market activity after that interruption.
Prime brokerage context
Prime brokerage operations are central to capital markets plumbing, offering hedge funds and other clients services that include risk management, portfolio monitoring and financing for large trades. The prime brokerage business expanded materially last year, aided by strong returns from large multi-strategy hedge funds navigating volatile markets. Rising valuations of companies and a growing number of new hedge funds have supported demand for lending of cash and securities and related prime brokerage services.
Clear Street’s public filing and its revenue guidance signal an attempt to capitalize on that momentum. The firm’s prospectus and the market environment together set the stage for a high-profile Nasdaq debut under the symbol CLRS.