Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

Clear Street Group / Private Capital Markets

<ul><li>Sacra estimates that Clear Street generated $1.04 billion in revenue in 2025, up 125% from $464 million in 2024.</li><li>Clear Street raised a $135 million Series C in January 2026 led by Baillie Gifford and SBI Holdings.</li><li>Clear Street received FCA approval in October 2024 and has made key London hires to establish a European presence.</li></ul>

Sacra estimates that Clear Street generated $1.04 billion in revenue in 2025, up 125% from $464 million in 2024.Clear Street raised a $135 million Series C in January 2026 led by Baillie Gifford and SBI Holdings.Clear Street received FCA approval in October 2024 and has made key London hires to establish a European presence.

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

Clear Street Group / Equity Capital Markets

<ul>
<li>A $200 million BlackRock anchor order and 5% directed share program provide meaningful execution support.</li>
<li>Revenue doubled year-over-year with ~$1.05 billion estimated 2025 revenue and ~45% adjusted EBITDA margins.</li>
<li>Cloud-Native, end-to-end platform and global expansion strategy support a favorable long-term risk-reward profile.</li>
</ul>


A $200 million BlackRock anchor order and 5% directed share program provide meaningful execution support.
Revenue doubled year-over-year with ~$1.05 billion estimated 2025 revenue and ~45% adjusted EBITDA margins.
Cloud-Native, end-to-end platform and global expansion strategy support a favorable long-term risk-reward profile.


Clear Street Group (CSIG): Deal Dynamics, Adoption and Financials Generate Buzz for Upcoming IPO

Get Ahead with IPO Insights, IPO Prophet

IPO Prophet

Get Ahead with IPO Insights

At IPO Prophet®, our team leverages over three decades of expertise to deliver actionable quantitative analytics for the IPO market in real-time. This platform synthesizes our extensive experience investing in IPOs, providing investors with revolutionary tools to navigate the complexities of issuance day. Our mission is to empower investors with data-driven insights to make more informed decisions.

<ul><li>✅ IPO PROPHET RATING: 8.1/10 🏦 Deal Quality &amp; Underwriters: 8.9/10 Clear Street Group has filed to list on the Nasdaq under the ticker CLRS via a 23.81 million share IPO at a price range of $40.00 to $44.00 per share, implying gross proceeds of approximately $1.0 billion at the midpoint.</li><li>The offering is anchored by an elite underwriting group, substantial float for institutional participation, and a differentiated business model that combines execution, clearing, financing, and related services for sophisticated trading clients.</li><li>Clear Street’s IPO is being executed as a true institutional allocation rather than a momentum-driven distribution.</li></ul>

✅ IPO PROPHET RATING: 8.1/10 🏦 Deal Quality &amp; Underwriters: 8.9/10 Clear Street Group has filed to list on the Nasdaq under the ticker CLRS via a 23.81 million share IPO at a price range of $40.00 to $44.00 per share, implying gross proceeds of approximately $1.0 billion at the midpoint.The offering is anchored by an elite underwriting group, substantial float for institutional participation, and a differentiated business model that combines execution, clearing, financing, and related services for sophisticated trading clients.Clear Street’s IPO is being executed as a true institutional allocation rather than a momentum-driven distribution.

<ul>
<li>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.</li>
<li>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.</li>
<li>
<p>The offering is being led by Goldman Sachs, BofA Securities, Morgan Stanley, UBS Investment Bank, and Clear Street.</p>
</li>
</ul>


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.



Clear Street Group Sets Terms for Nasdaq IPO as Tech-Enabled Prime Brokerage Platform Prepares to Go Public

<ul>
<li>Clear Street Group (CSIG US) is a cloud-native, end-to-end capital markets platform filing for an IPO targeting a $10.8–$11.8 billion market cap. </li>
<li>The dual-class share structure maintains concentrated voting control with Global Corp., while IPO proceeds (~$922 million) will support growth, operations, and strategic initiatives.</li>
<li>The offering is anchored by a $200 million cornerstone order, reflecting strong investor interest and a stable, high-retention client base amid broader market volatility.</li>
</ul>


Clear Street Group (CSIG US) is a cloud-native, end-to-end capital markets platform filing for an IPO targeting a $10.8–$11.8 billion market cap. 
The dual-class share structure maintains concentrated voting control with Global Corp., while IPO proceeds (~$922 million) will support growth, operations, and strategic initiatives.
The offering is anchored by a $200 million cornerstone order, reflecting strong investor interest and a stable, high-retention client base amid broader market volatility.


Clear Street Group, Inc. (CSIG): Fintech Sets Terms, BlackRock Anchors IPO Seeking up to $11.8b

United States

Clear Street Group Inc. operates as a financial infrastructure technology company. The Company builds cloud-native and end-to-end capital markets platform for trading and financial markets, as well as prime brokerage products, execution, securities lending, financing, and custody services. Clear Street Group focuses on retail traders, financial institutions, and funds worldwide.

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Clear Street Group (CSIG US)

Primer: Clear Street - 21 Feb 2026

Cloud-native brokerage infrastructure for institutional trading, clearing, and multi-asset execution

Sacra

Clear Street Group (CSIG): Deal Dynamics, Adoption and Financials Generate Buzz for Upcoming IPO

BlackRock's $200 million anchor order and directed share program bolster revenue growth and profitability for a cloud-native platform with global...

IPO Boutique

IPO Rating: Clear Street Group, Inc.

✅ IPO PROPHET RATING: 8.1/10 🏦 Deal Quality & Underwriters: 8.9/10 Clear Street Group has filed to list on the Nasdaq under the ticker CLRS...

IPO Prophet

Clear Street Group Sets Terms for Nasdaq IPO as Tech-Enabled Prime Brokerage Platform Prepares to Go Public

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...

IPO Prophet

Clear Street Group, Inc. (CSIG): Fintech Sets Terms, BlackRock Anchors IPO Seeking up to $11.8b

Clear Street Group, a cloud-native capital markets platform, files for IPO targeting $10.8-$11.8 billion market cap with dual-class share...

IPO Boutique

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Primer: Clear Street - 21 Feb 2026

Cloud-native brokerage infrastructure for institutional trading, clearing, and multi-asset execution

Sacra

Clear Street Group (CSIG): Deal Dynamics, Adoption and Financials Generate Buzz for Upcoming IPO

​BlackRock's $200 million anchor order and directed share program bolster revenue growth and profitability for a cloud-native platform with global...

IPO Boutique

IPO Rating: Clear Street Group, Inc.

✅ IPO PROPHET RATING: 8.1/10 🏦 Deal Quality & Underwriters: 8.9/10 Clear Street Group has filed to list on the Nasdaq under the ticker CLRS...

IPO Prophet

Clear Street Group Sets Terms for Nasdaq IPO as Tech-Enabled Prime Brokerage Platform Prepares to Go Public

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...

IPO Prophet

Clear Street Group, Inc. (CSIG): Fintech Sets Terms, BlackRock Anchors IPO Seeking up to $11.8b

​Clear Street Group, a cloud-native capital markets platform, files for IPO targeting $10.8-$11.8 billion market cap with dual-class share...

IPO Boutique

BlackRock's $200 million anchor order and directed share program bolster revenue growth and profitability for a cloud-native platform with global...

Clear Street Group, a cloud-native capital markets platform, files for IPO targeting $10.8-$11.8 billion market cap with dual-class share...