Forge

Record capital formation is redefining the #privatemarket landscape. Capital raising activity in February, led by SpaceX, @AnthropicAI, and @OpenAI, was historic by many measures, highlighting how much the market has grown and matured. The three highest-valued private companies comprised 68% of the value of the top fifty, compared with 29% for the three highest-valued companies in a similar public market analysis. This illustrates how concentrated the private market has become. Read more in the March Private Market Update: forgeglobal.com/insights/priva…

Behind most unicorns are years of momentum Currently, a new batch of “soonicorns” listed on Forge Global are sitting in that late-stage sweet spot. While future valuations are never guaranteed, companies like @LoftOrbital, @DominoDataLab, @RescaleInc, @DroneDeploy and @livekindred are operating across defense and aerospace, enterprise AI, digital engineering, industrial intelligence and modern travel. Together, they highlight how late-stage private companies are scaling across technology-driven, real-world industries. Read more about these soonicorns: forgeglobal.pulse.ly/uxmxvc4wbm

STARTUP TRENDS: @stoke_space, @raincards, @Whop, @upwindsecurity, and Preply, span space, fintech, creator marketplaces, cloud security, and edtech, illustrating the range of innovation attracting investor capital so far this year. Capital so far this year hasn’t chased a narrow theme; instead, it's backing scalable businesses across fundamentally different models. If the trend continues, 2026 could shape up to be a year defined by durable leaders across multiple industry fronts. Learn more about these unicorn #startups: forgeglobal.pulse.ly/iwz1bcwao4

Your equity reflects years of commitment, but concentrating your financial future in a single asset can introduce meaningful risk. When employer equity represents a significant share of your net worth, concentration can shape long-term outcomes. Diversifying is not a loss of confidence. It is a disciplined approach to balancing risk while maintaining exposure to potential upside. Accessing liquidity through a marketplace like Forge can offer added flexibility and control as you plan ahead. Discover how Forge can help you potentially build a more resilient portfolio: forgeglobal.pulse.ly/vwmwbb4qyj

Our February private market update illustrates the significant transformation of the market in just three years. In December 2022, the top 100 private companies totalled $955 billion. As of early February, the single most valuable private company exceeds that alone. The aggregate valuation of the top 100 private companies now exceeds $3.5 trillion, representing a 268% increase over the same period. Value creation has been even more concentrated at the upper end of the market; the top 10 companies rose from $399 billion to $2.7 trillion in aggregate value, a 569% increase in just three years. Learn more: forgeglobal.pulse.ly/foxlytnpza

STARTUP NEWS: While SpaceX, one of Forge's Private Magnificent 7 companies known for driving innovation and growth in the secondary market, helped redefine what modern aerospace looks like, emerging players such as @stoke_space, @LoftOrbital, and @relativityspace are building across launch, infrastructure, manufacturing, and next-generation aviation in ways that could influence the sector’s next chapter. For investors, the next breakout aerospace success story may already be underway. Learn more about these three companies: forgeglobal.pulse.ly/b6kxd8w9f5

Our latest #privatemarket update shows that both the FPMI and FAPMI posted gains at the start of the year, extending the divergence between private and public markets that emerged in 2025. The equal-weighted FPMI advanced 4.4% in January, while the cap-weighted FAPMI rose 1.8%. In contrast, public market benchmarks delivered more modest returns, with SPY up 1.5% and QQQ gaining 1.2%. FPMI was boosted by @cerebras, @LytenInc and @EquipmentShare’s IPO, while the FAPMI benefited from @stripe. Learn more: forgeglobal.pulse.ly/x1hj9iyb2c

According to @WSJ, @OpenAI is laying the groundwork for a potential IPO in the fourth quarter of 2026, driven in part by internal concerns that rival @AnthropicAI could reach the public markets first. Regardless of which company ultimately lists first, the lead-up to a potential IPO may present a compelling window for investors to evaluate opportunities for near-term exposure ahead of a public debut. As of February 5, 2026: - OpenAI’s Forge Price is $723.12 - Anthropic’s Forge Price is $259.14 Learn more: forgeglobal.com/insights/start…

LATEST NEWS: The private market’s race to $1 trillion in market capitalization ushers in new breed: The ‘Teracorn, marketing a pivotal shift in #privatemarkets. SpaceX’s $1T valuation, achieved almost 20 years faster than the first U.S. public company, Apple, highlights the accelerating scale of private market leaders. This growth is part of a larger trend. The total value of the top 100 largest private companies has grown from $955 billion in December 2022 to $3.5 trillion in February 2026, showing how fast the private market has progressed. January performance further reinforced this momentum, with indices outperforming public benchmarks. Read more: forgeglobal.com/insights/priva…

In January, Forge Price coverage expanded to include two companies: @CrusoeAI and @Kalshi. Companies are considered for Forge Price when multiple trades are completed, and a determination is made that future liquidity is likely to be available. Crusoe had a Forge Price of $123.05 as of mid-February. Kalshi had a Forge Price of $335.10 as of mid-February. Explore more about each company and their latest Forge Price: Crusoe: forgeglobal.com/crusoe-energy-… Kalshi: forgeglobal.com/kalshi_stock/

In 2025, amid public market volatility, the private market showed remarkable resilience and posted one of its best performances in recent memory. The 2025 private market performance chart by itself doesn’t tell the whole story, but when placed in the context of the political and macroeconomic environment, an observer can better appreciate the market's strength throughout the year. Read the full report for more data and analysis on the private market: forgeglobal.com/insights/forge…

The private market continued to pull ahead of the public market in December. Both the FPMI and FAPMI decisively outperformed public indices, as QQQ and SPY ended 2025 with weaker finishes. FPMI gains were driven by @harnessio, SpaceX, and Anthropic, while FAPMI benefited from SpaceX and @anduriltech. Both indices were held back by Ripple, which faced headwinds amid the broader crypto downturn. Access more #privatemarket insights in our latest report: forgeglobal.com/insights/priva…

.@UpholdInc is emerging as one of the late-stage private crypto companies to watch as momentum in the sector continues into 2026. The multi-asset trading platform has not filed an S-1 or formally announced IPO plans; however, its CEO Simon McLoughlin, shared on a BeInCrypto podcast last fall that the company is at an “advanced stage” of preparation, with a potential target of Q3 2026. As of mid-January 2026, Uphold’s Forge Price is $2.40, up from a low of $0.78 in mid-2024. Learn more: forgeglobal.com/insights/uphol…

After several years of subdued activity, the #IPO market in 2025 signaled a reopening. A total of 24 IPOs, up from the 17–18 listings typically seen in “normal” years, marked a modest but meaningful improvement, laying the groundwork for a potentially stronger 2026. Although the 2025 IPO environment experienced stops and starts, the overall effect was constructive, creating a cautiously optimistic backdrop for the year ahead. Learn more: forgeglobal.com/insights/priva…

According to Forge’s latest #privatemarket update, buy-side indications of interest (IOIs) as a percentage of total interest on the Forge marketplace increased to 59%, up from 54% in November. Overall, the buy-side IOI percentage has trended upward since reaching a low in October 2022, despite occasional declines. Buy-side interest hit a low of 26% in October 2022 and a high of 74% in December 2024. Read more in the January Private Market Update: forgeglobal.com/insights/priva…

Mid and late-stage company funding bounced back in a big way, more than doubling 2024 levels and approaching the zero-interest-rate policy (ZIRP) days of 2021. Total 2025 funding came in at $154.9B compared to $75.5B in 2024 and $161.5B in 2021. The 2025 list of largest funding rounds was topped by @OpenAI’s massive $40B raise, followed by Anthropic’s $16.7B across multiple rounds and @databricks' $5.1B across two rounds. Dive into the full report for detailed Forge Data and market trends: forgeglobal.com/insights/forge…

In 2025, while #AI grabbed headlines, non-AI companies in the FPMI generated solid, broadly positive results. 71% of non-AI constituents were marked up during the year, comparing favorably with the 78% of AI companies that experienced valuation increases. Standout performers, including @Polymarket, @tryramp, and @Rippling, saw Forge Price gains above 100%, highlighting the diverse opportunities in the private market, even amid an AI-driven environment. Download the full report: forgeglobal.com/insights/forge…

LATEST NEWS: IPO activity rebounds in 2025, setting the stage for what could be a historic 2026. The 24 IPOs during 2025 indicated a tepid recovery of the IPO market, and yet the year generated the highest number of IPOs since 2021, which gives investors some hope entering 2026. Looking ahead, 2026 could be a landmark year for IPOs. With speculation around SpaceX, OpenAI, and Anthropic potentially going public, the market may see renewed momentum and investor interest. Read more in our latest private market update: forgeglobal.com/insights/priva…

While it may not be obvious from market performance charts, 2025 was a year of real highs and lows. The year began with eerie #IPO silence through January, February, and most of March. That quiet broke when @CoreWeave went public late in March, only for momentum to stall after President Trump’s "Liberation Day" tariff announcement on April 2. Multiple private companies paused their IPO plans, and the 2025 resurgence appeared short-lived. While the IPO market didn’t meet early expectations, the spring and summer pace offered reason for cautious optimism heading into 2026. Learn more and explore exclusive private market data in the latest Forge Investment Outlook: forgeglobal.com/insights/forge…

Is @databricks getting closer to the public market? CEO Ali Ghodsi said he “wouldn’t rule out” a 2026 IPO. According to the latest reports, Databricks is currently raising more than $4B in its Series L, bringing its valuation to $134B. As of late December 2025, Databricks’ Forge Price is $197.60, representing a 103%+ increase over the past year. Learn more about Databricks: forgeglobal.com/insights/datab…