SCHEDULE: Susquehanna Group Discloses 5.3% Stake in C3.ai

A group of affiliated Susquehanna entities has disclosed a 5.3% beneficial ownership stake in C3.ai, Inc., totaling 7,128,448 Class A Common Stock shares.

Summary

• G1 Execution Services, LLC, SIG Brokerage, LP, Susquehanna Investment Group, and Susquehanna Securities, LLC, collectively referred to as the 'Reporting Persons,' have filed a Schedule 13G.
• The Reporting Persons beneficially own an aggregate of 7,128,448 shares of C3.ai, Inc.'s Class A Common Stock.
• This aggregate ownership represents 5.3% of the Class A Common Stock outstanding.
• The shares were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of C3.ai, Inc.
• The beneficial ownership includes options to buy shares: SIG Brokerage, LP holds options for 34,000 shares; Susquehanna Investment Group includes options for 286,200 shares; and Susquehanna Securities, LLC includes options for 3,501,000 shares.
• As of August 28, 2025, C3.ai, Inc. had 134,349,704 Class A Common Shares outstanding, as reported in its Quarterly Report on Form 10-Q filed on September 9, 2025.

Sentiment

Score: 7

Explanation: The disclosure of a significant 5.3% beneficial ownership by a reputable institutional group like Susquehanna, including a substantial options component, generally conveys a positive sentiment regarding the company's attractiveness as an investment, even if the filing itself is purely factual.

Positives

• A significant institutional investor group, Susquehanna, has taken a notable 5.3% stake in C3.ai, indicating confidence or strategic interest in the company's future.
• The investment includes a substantial number of options, suggesting a potentially bullish outlook on the stock's future price performance.

Negatives

• The filing does not provide specific financial performance details or operational updates for C3.ai, Inc., limiting direct assessment of company health.

Risks

• The filing itself does not detail specific risks related to C3.ai's operations or financial health, as it is a disclosure of beneficial ownership by an external entity.

Future Outlook

The filing does not contain forward-looking statements or guidance from C3.ai, Inc. It solely reports the beneficial ownership position of the Susquehanna group.

Industry Context

This filing indicates continued institutional interest in C3.ai, a company operating in the rapidly evolving enterprise AI software sector. The investment by a prominent trading and investment group like Susquehanna could be seen as a positive signal within the broader AI industry, which is attracting significant capital and strategic positioning.

Comparison to Industry Standards

• A 5.3% stake is a significant position for an institutional investor group, often signaling a belief in the company's long-term prospects or short-term trading opportunities. While not directly comparable to specific project results, such an ownership level is noteworthy in the context of institutional investment in technology and AI companies.
• The inclusion of a substantial number of options within the beneficial ownership (e.g., 3,501,000 options for Susquehanna Securities, LLC) is a common strategy for market makers and investment firms to gain exposure and manage risk, reflecting standard practices in the financial industry for holding positions in publicly traded companies.

Corporate Governance

Stakeholder Impact

• Shareholders: The disclosure of a significant institutional stake may instill confidence among existing shareholders and attract new investors, potentially influencing stock price positively.
• Management: While the filing states no intent to influence control, a large institutional holder can still exert influence through voting and engagement, prompting management to remain focused on shareholder value.

Key Dates

Recommendation

While the disclosure of a significant institutional stake by Susquehanna is a positive signal, a Schedule 13G filing primarily reports ownership and does not provide sufficient fundamental or operational data to warrant a 'buy' or 'sell' recommendation. It indicates institutional interest, which is generally favorable, but does not offer new insights into C3.ai's financial performance, strategic direction, or competitive landscape. Therefore, a 'hold' recommendation is appropriate, acknowledging the positive signal without overstating its implications for a direct investment decision based solely on this filing.

Keywords

C3.ai, AI software, enterprise AI, beneficial ownership, Schedule 13G, institutional investment, Susquehanna, stock ownership, AI stock