Clear Street said it is seeking a valuation of up to $11.8 billion as it prepares for a U.S. initial public offering, signaling renewed strength in the equity capital markets. The New York-based securities and derivatives broker plans to raise as much as $1.05 billion by selling 23.8 million shares at an indicated price range of $40 to $44 each. Matt Kennedy, Senior Strategist at Renaissance Capital, stated, “It's bold of them to move ahead after the past week's selloff.” He added, “While the current volatility might scare off some IPO investors, it's worth keeping in mind that companies like this can benefit operationally from volatile markets and heightened trading activity.”
Founded in 2018, the firm has expanded from a prime brokerage platform into investment banking and equity research, allowing it to benefit from higher trading volumes and hedge fund activity. Prime brokerage remains central to its business, as it provides funds with financing, risk management, and portfolio support during volatile markets. BlackRock has agreed to anchor the deal and may buy up to $200 million of shares, providing early support for the transaction. Clear Street expects net revenue between $1.04 billion and $1.06 billion for 2025, more than double the prior year’s level, reflecting strong demand for its services. The company plans to list on Nasdaq with Goldman Sachs, BofA Securities, Morgan Stanley, UBS Investment Bank, and Clear Street acting as lead book-running managers.
