Forge

What Forge does

Forge Global operates a regulated digital marketplace for secondary trading of shares in private, pre-IPO companies, connecting employee shareholders seeking liquidity with accredited and institutional investors seeking pre-IPO exposure. Founded in 2014 and headquartered in San Francisco with offices in New York, London, and Berlin, Forge served 890,000+ registered users across 5,500+ companies and had facilitated over $18 billion in cumulative transaction volume across 32,000+ trades as of March 2026. The platform served eight primary customer segments: employee shareholders, accredited investors, seed/angel investors, asset managers and hedge funds, family offices, venture capital firms, wealth managers and RIAs, and the private companies themselves.

The product portfolio spans trading (Forge Marketplace for self-serve accredited investors; Forge Pro for institutional brokerage with trade management, compliance, and analytics), data (Forge Price, a proprietary daily indicative price for approximately 200 pre-IPO companies; Forge Data via API and web; thematic baskets covering AI, Aerospace & Defense, Chips, Consumer, and Fintech), indexes (Forge Private Market Index and Forge Accuidity Private Market Index tracking 60+ constituents), and complementary services including Forge Liquidity Programs (tender offers and structured liquidity), Forge Trust (self-directed IRAs), and Forge Lending (options exercise bridge loans). Broker-dealer services are conducted through wholly-owned FINRA/SIPC member subsidiary Forge Securities LLC.

Revenue is generated primarily through transaction fees of typically 2-4% on direct secondaries, with data subscriptions, institutional brokerage, professional services for liquidity programs, and index licensing as secondary streams. Following Charles Schwab Corporation's $660 million all-cash acquisition completed on March 2, 2026, Forge operates as a wholly-owned subsidiary with access to Schwab's 39.1 million active brokerage accounts.

Name

Forge

Legal name

Forge Global, Inc.

Website

https://forgeglobal.com

Company type

Public

Founded year

2015

Operating status

Acquired

Headcount range

251–500 employees

Short description

Forge operates a regulated digital marketplace for secondary trading of pre-IPO company shares, serving accredited investors, institutional asset managers, employee shareholders, and private companies across 5,500+ issuers with proprietary pricing and index products; acquired by Charles Schwab in March 2026.

Ownership category

akta.pro rank

Product category

Private Securities Trading

NAICS

Software Publishers (5132), Graphic Design Services (54143)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Copy Trading, Social Trading & Automated Trading Platforms (FSADAAAK)

akta.pro secondary industry

Professional Certification & Training Content Publishing (Exam Prep, CE/CPD) (MPAJACAL)

Keywords

• Private securities marketplace
• Pre-IPO trading platform
• Secondary market trading
• Private company liquidity
• Alternative investment platform

Headquarters

HQ city

San Francisco

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure, Others

Revenue model

1. Transaction Fees: Forge charges transaction fees for facilitating secondary market trades in private company shares. The fee for direct secondaries is typically 2-4%, though it can be as low as 0% in some instances. Fees depend on transaction size, market dynamics, investment types, and customer lifetime transaction volume.
2. Data Services: Revenue from providing Forge Data solutions including same-day pricing information, API access, and file-based data delivery for portfolio management and risk analysis tools.
3. Institutional Brokerage Services: Forge Pro platform provides institutional trading capabilities with advanced analytics and trade execution services for sophisticated investors including venture capital firms, hedge funds, and family offices.
4. Liquidity Program Services: Forge provides technology and expertise to help private companies establish and manage liquidity solutions for employees, including tender offers and customized programs.
5. Index Licensing: Forge licenses its proprietary indexes including the Forge Accuidity Private Market Index to asset managers, index providers, and financial data organizations for use in investment products.

Pricing tiers

Go-to-market motion3 records

Distribution channels8 records

Marketing channels7 records

Core offering

Forge operates a digital private securities marketplace that facilitates secondary market trading in shares of pre-IPO and private companies, enabling accredited investors and institutions to buy and sell equity in venture-backed issuers. The platform combines a self-serve trading marketplace, institutional brokerage (Forge Pro), proprietary daily pricing for approximately 200 pre-IPO companies (Forge Price), private market data feeds and APIs, benchmark indexes, and company-sponsored employee liquidity programs including tender offers and customized offerings.

Differentiator

Problem solved

Functional benefit

Brands

• Forge Marketplace: Next-generation marketplace for trading private company shares
• Forge Pro
• Forge Price
• Forge Data
• Forge Private Market Index
• Forge Accuidity Private Market Index
• Forge Thematic Baskets
• Forge Trust
• Forge Private Company Solutions
• Forge Liquidity Programs

Products and services

• Forge Marketplace Self-serve digital marketplace where accredited investors and employee shareholders discover, evaluate, and execute secondary market trades in private company shares, with real-time pricing insights and live market signals.
• Forge Pro Institutional trading platform for sophisticated investors such as VCs, hedge funds, and family offices, providing deep analytics to monitor live secondary market data and execute transactions, with trade management, price discovery, firmographic data, and risk and compliance features.
• Forge Data Comprehensive data solution providing same-day pricing for private market assets via web application, API integration, or file-based format, capturing every trade, bid, ask and more for portfolio and risk management tools.
• Forge Price Proprietary indicative price calculated daily for approximately 200 pre-IPO venture-backed late-stage companies, synthesizing secondary market transactions, recent funding rounds, and indications of interest to deliver timely price discovery.
• Forge Private Market Index Equal-weighted benchmark index reflecting the up-to-date performance and pricing activity of venture-backed late-stage companies actively traded in the private market, with daily valuation and annual rebalance.
• Forge Accuidity Private Market Index Cap-weighted custom index tracking over 60 privately held, late-stage venture-backed US companies, with constituents weighted by Forge Price Implied Valuations and capped at 7.5% with excess distributed pro-rata; available to qualified purchasers.
• Forge Thematic Baskets Structured insights into specific sectors of the private market including Artificial Intelligence, Aerospace & Defense, Chips, Consumer, and Fintech themes, using rules-based company selection.
• Forge Liquidity Programs Company-sponsored liquidity solutions for private companies including tender offers and customized ongoing programs, enabling employees to access liquidity while companies maintain control over pricing and the cap table.
• Forge Options Exercise Bridge Loan Lending solution providing employees with funds to exercise vested private company stock options and sell the resulting stock without upfront cash expense.
• Forge Trust Self-directed IRA platform enabling investment in private companies and other alternative assets through tax-advantaged retirement accounts.

Quantifiable outcome

• 110% increase in trading volume for first half of 2025
• +3 more outcomes

Named customers10 records

Segments9 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

AI capability4 records

Feature7 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• Tema ETFscoreTechnology or Integration · 31 March 2026Tema launched the Tema Space Innovators ETF (NASA) using Forge's secondary market SPV structure to provide 10% direct exposure to SpaceX. The fund is actively managed at 75 basis points.
• VanEckminorStrategic or Co-development Partner · 6 February 2026VanEck was selected to manage the Closed-End Fund following Linqto's Chapter 11 bankruptcy reorganization, with Forge Global serving as Liquidating Trustee.
• London Stock ExchangecoreChannel Partner/ Reseller/ Distributor · 11 December 2025Forge Europe UK Ltd became a Registered Auction Agent on the London Stock Exchange's newly launched Private Securities Market, enabled by UK government's PISCES legislation. Provides auction-based access to buy and sell private company shares.
• Silicon Valley BankminorStrategic or Co-development Partner · 3 August 2025Silicon Valley Bank partnered with Forge to provide private market liquidity to innovation economy clients through the Forge platform.
• Accuidity Capital ManagementcoreStrategic or Co-development Partner · 2 July 2025Forge completed acquisition of Accuidity Capital Management, a private market asset management firm, valued at $10 million in cash and stock. The deal expands Forge's private market investment offerings and launches the first institutional private market index fund.
• FortunecoreGTM or Marketing Partner · 26 June 2025Forge Global partnered with Fortune to launch Private Market Lists and Rankings, providing institutional-quality insights for private company evaluation.
• ICE (Intercontinental Exchange)coreTechnology or Integration · 20 April 2025Forge Global and ICE partnered to bring greater transparency to private markets with Forge Price, integrating pricing data with ICE's market infrastructure.
• Yahoo FinancecoreGTM or Marketing Partner · 26 March 2025Forge Global and Yahoo Finance launched the industry's first Private Market Hub, expanding access to private market investment opportunities through Yahoo Finance's platform.

Scale indicators13 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• EquityZen: EquityZen operates a private market secondary trading platform connecting shareholders of private companies with accredited investors. It is the closest direct competitor to Forge's marketplace, offering similar secondary share transactions in pre-IPO companies.
• Hiive: Hiive is a private market secondary exchange providing structured bid/ask matching for pre-IPO shares, similar to Forge Marketplace. It serves both individual accredited investors and institutional clients in the same private securities trading category.
• Nasdaq Private Market: Nasdaq Private Market (NPM) provides a regulated technology platform for private company secondary trading, tender offers, and liquidity programs, directly competing with Forge across the institutional and employee-liquidity use cases.
• Carta: Carta is a cap table management and private market infrastructure platform that has expanded into secondary trading and tender offers, overlapping with Forge's Liquidity Programs and marketplace offerings for private company stakeholders.
• Zanbato: Zanbato operates an institutional private stock trading platform for broker-dealers and registered investment advisors, providing similar secondary market trading infrastructure to Forge Pro for sophisticated market participants.

Emerging players

• Moonfare: Moonfare is a digital private equity platform providing accredited investors access to private market funds and company shares. It overlaps with Forge's accredited investor segment, particularly in Europe and Asia, but with a more fund-structured approach.
• MicroVentures: MicroVentures is a private market investment platform providing accredited investors access to startup and pre-IPO equity through SPVs and direct secondary offerings, competing with Forge's accredited investor marketplace in selected segments.

Broad incumbents

• iCapital Network: iCapital is a large alternative investments platform providing wealth managers access to private equity, hedge funds, and structured private market products. It is a broader incumbent in the private market access category with overlapping institutional and RIA distribution.
• Intercontinental Exchange (ICE): ICE is a global exchange operator and market infrastructure provider that partnered with Forge to integrate Forge Price. ICE represents a strategic incumbent with established market data and exchange capabilities that overlap with Forge Data and Forge Pro.
• Charles Schwab: Charles Schwab is Forge's parent company following the March 2026 acquisition. It is one of the largest retail brokerages in the US with 39.1 million active accounts and is now the primary distribution channel for Forge's private market offerings.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/Forge_Global
• Facebookfacebook.com/ForgeGlobal
• LinkedInlinkedin.com/company/forgeglobal

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries6 records

Funding overview

Funding rounds10 records

Investors22 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Forge