Jane Street is negotiating with a group of investors to convert its $11 billion public debt into a private credit deal that could raise up to $15 billion. The move would allow the firm to keep its financial details private.
The market‑making giant, which earned $39.6 billion in trading revenue last year, is in talks with firms such as Pacific Investment Management Co. about the refinancing.
The terms of the deal are expected to be finalised in the coming days, but details may still change. It will take the form of a private placement.
Jane Street will need to tender its existing bonds, a step that could happen as early as Monday. This would give the company more financial flexibility.
With the new structure, Jane Street could invest in private companies, build AI infrastructure, and trade across markets.
The move comes after record revenues for Jane Street and its peers, driven by volatile markets and AI investments.
Private firms normally do not have to disclose financial results to the public, but Jane Street has used public debt markets, which require quarterly updates to lenders.
By shifting to private debt, the firm would limit disclosures to a smaller group of investors, reducing regulatory burden.
Founded in 2000, Jane Street has grown into a high‑frequency trading giant, outpacing major Wall Street banks.
It posted a record first‑quarter revenue of $16.1 billion in early 2024, more than double its first‑quarter 2025 haul, according to Bloomberg.
Representatives for Jane Street and Pimco have declined to comment.
The news was reported by the Financial Times earlier Thursday afternoon.