Clear Street launches private-market platform with Databricks at $188 billion

Clear Street has launched a private-markets platform for accredited investors, opening with pre-IPO access to Databricks at a $188 billion valuation and aiming to broaden participation in a market that has largely been dominated by institutions. The firm said it plans to add 30 startups by the end of the year, focusing on technology companies valued at $5 billion to $20 billion that are roughly six months to two years from going public. A distinguishing feature is financing tied to private-company stakes. Clear Street intends to offer loans against pre-IPO investments while handling servicing and risk internally, an uncommon structure in a market where private shares are difficult to sell before an exit. CEO and co-founder Uri Cohen said the goal is “to remove friction and give more people the ability to invest in more products,” adding that a growing share of wealth creation now happens in private markets. The launch reflects broader demand for exposure to companies that are staying private longer, particularly in AI. Databricks, Anthropic and OpenAI are among the companies cited as creating more value before any public debut, increasing interest in secondary-market access even as questions remain over whether elevated private valuations are fully supported by current revenues. Clear Street is also building a private-company research unit led by Owen Lau. The wider IPO market has shown signs of improvement, with Renaissance Capital data showing 155 IPO filings as of Aug. 1, up 10.7% from the same point last year, alongside 93 offerings and $144.0 billion in proceeds. Clear Street, however, has delayed its own potential IPO to 2027 after reaching cash flow-positive operations and completing a $400 million investment-grade bond issue.