Clear Street started out as prime brokerage platform
Revenue vaulted 160% in the first nine months of 2025
Wall Street firm entered investment banking space in 2023
Clear Street advised Trump Media last year
Former Cboe CEO Ed Tilly leads Clear Street
Adds analyst comment in paragraphs 4 and 5
By Arasu Kannagi Basil and Pritam Biswas
Jan 20 (Reuters) - Clear Street recorded a 160% revenue jump in the first nine months of 2025, the Wall Street firm revealed on Tuesday in its U.S. initial public offering paperwork, as a busy year for new listings takes shape.
U.S. IPO activity is set to build on its long-awaited rebound in 2026, with analysts expecting a potentially busy start as companies that delayed listings during last year's historic government shutdown could provide early momentum.
Profit attributable to Clear Street was $157.2 million for the nine months ended September 30 on revenue of $783.7 million, compared to a net income of $20.7 million on revenue of $301.9 million in the same period of 2024.
"Market conditions support an open IPO window in most industries and, furthermore, the pipeline is massive — we're hearing a lot more talk of companies going public than last year," said Matt Kennedy, senior strategist at Renaissance Capital, a provider of IPO-focused research and ETFs.
"That includes a sizable chunk of companies that were going to list in the fall, but pushed to the spring."
Founded in 2018 by Chris Pento, Sachin Kumar and Uriel Cohen, Clear Street began as a prime brokerage platform and has since broadened its business, expanding into areas such as investment banking.
The New York-based firm is led by Edward Tilly, the former CEO of options heavyweight Cboe Global Markets CBOE.Z.
An IPO would come after a volatile year for markets that delivered a windfall for Wall Street trading desks.
Clear Street's platform supported more than $31.3 billion in daily trading activity in September. Its major backers include growth equity firm Prysm Capital.
DEALMAKING PUSH
Clear Street entered the investment banking space in 2023 and quickly expanded into sectors such as technology, healthcare, blockchain and digital assets.
2025 was a standout year for Clear Street's investment banking division, which closed 92 transactions totaling $99 billion in deal value.
The firm benefited from last year's surge in digital asset treasury firms and the blank-check IPOs revival.
Clear Street ranked fourth in blank-check IPOs by volume in 2025, according to Dealogic data.
It also bagged roles in some big deals, advising Truth Social parent Trump Media and Technology Group DJT.O on its $6 billion all-stock merger with fusion energy company TAE Technologies.
Clear Street will list on the Nasdaq under the symbol "CSIG".
Goldman Sachs, BofA Securities, Morgan Stanley, UBS Investment Bank and Clear Street are the lead book-running managers for the offering.
(Reporting by Pritam Biswas and Arasu Kannagi Basil in Bengaluru; Editing by Alan Barona)
((Pritam.Biswas@thomsonreuters.com))
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