YOU | Market Cap: $7.1B (07/13/26)
Industry:
Consumer Services Software

DESCRIPTION

CLEAR operates a secure identity platform built around biometric verification, with its core product being CLEAR+, a consumer subscription service that lets members skip to dedicated express lanes at airport security checkpoints. Members enroll by linking their face to a government-issued ID, then verify biometrically at CLEAR Pods or eGates in the airport. CLEAR+ operates 166 lanes across 60 airports, covering roughly 79% of U.S. TSA checkpoint volume, and has 7.7 million active paying members at $209/year. CLEAR sells subscriptions directly at airports (roughly 65% of new member sign-ups) and through distribution partnerships with airlines and American Express, which offer CLEAR+ as a subsidized benefit. CLEAR also runs TSA PreCheck enrollments at 340 locations, earning a per-enrollment fee while using the channel to cross-sell CLEAR+ memberships. On the B2B side, CLEAR1 is an enterprise identity verification platform sold on multi-year contracts to healthcare, HR, and other verticals, drawing on the same biometric infrastructure. Revenue is driven primarily by member count and average revenue per member, with CLEAR paying airport partners a share of subscription revenue. The cost structure is heavily labor-driven, centered on the "Ambassador" workforce staffing airport lanes, though CLEAR is deploying automated eGates and faster verification pods to reduce labor intensity over time. CLEAR is expanding ancillary revenue through CLEAR Concierge, a premium curbside-to-gate escort service currently live at 27 airports.

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