Forge Global Holdings, Inc. (NYSE: FRGE), operates a unique fintech platform which unlocks liquidity for privately owned businesses. Traditionally shares of privately owned companies are difficult to sell, market valuation is opaque, transactions are infrequent and maybe years apart, with no guarantee of an exit. Founded in 2014, Forge bridges the illiquidity gap between private and public markets by focusing on transforming the private securities market through innovative marketplace infrastructure, data services, and technology solutions. Forge is a gateway to pre-IPO investment opportunities, delivering exposure to private company shares and creating a more accessible and transparent private market.
Let us explain.
Forge is a pure play capital markets technology platform with three business segments, enabling functions that are very similar to public capital markets service providers. For example:
Forge’s partnership with ICE to launch Forge Price™ further solidifies its role in private market price discovery. By integrating its proprietary dataset into ICE’s data platform, Forge enhances transparency and accessibility for investors, fostering tighter collaboration between private and public markets. The company also introduced new products in 2024, including Private Magnificent 7 (high tech, high growth 7 private companies form a Forge index) and Forge Pro (advanced institutional trading platform).
Forge has pursued several strategic initiatives to strengthen its market position and drive growth. In April 2025, the company announced a non-binding letter of intent to acquire Accuidity Capital Management for $10 million in cash and 1.15 million shares, with additional shares contingent on rrevenue milestones.
Financial Performance.
Forge generates close to $80 million in annual revenue but does not turn a profit. The company is in a heavy investment mode for their next generation platform that should be completely rolled out in 2026. Organic top line growth has been mixed, and acquisitions opportunistic. Shares peaked at $488.70 on May 6, 2022, and post pandemic reset now trades around $12.71. In our opinion, Forge manages a truly differentiated platform, which is not easily duplicated and we think the timing couldn’t be better to leverage their upgraded platform. The company has attracted a customer list of over 500 private companies and facilitated 27k transactions over time.
