Clear Street, the securities and derivatives broker, closed a fresh financing round that values the firm at $12 billion as it readies an initial public offering. Equity came from Baillie Gifford and SBI Holdings, while BlackRock bought senior notes. Advisors include Goldman Sachs, Morgan Stanley, and UBS to guide the strategic listing process.

In the twelve months ending September 30, Clear Street reported net revenue of $940 million and swung to $89 million net income in 2024, reversing an $18 million loss the prior year. The profit jump underscores the firm’s growing market share in electronic brokerage and fuels investor appetite for a public float.

Clear Street may file its IPO paperwork as early as next week, positioning itself among a wave of fintech listings that have attracted strong demand this year. Market watchers will gauge pricing against peers like Interactive Brokers, while the involvement of top banks suggests a sizable offering could soon hit the exchange.