On any given trading morning in San Francisco, a hedge fund analyst can pull up Forge Global's terminal and see something that did not exist five years ago: a daily indicative price for roughly 200 pre-IPO companies, calibrated against actual order flow and fund marks. That is the bet Forge Global (NYSE: FRGE) is making, and after a bruising post-SPAC stretch, the numbers suggest the bet is starting to compound.
Forge reported revenue of $92.88 million in the twelve months ending September 30, 2025, up 16.40% year-over-year [Stock Analysis, 2025]. Quarterly revenue hit $21.26 million, growing 10.64% [Stock Analysis, 2025]. Total revenue less transaction-based expenses reached $27.6 million in Q2 2025 [Business Wire, 2025].
The bet
Forge sells two things that travel together. The first is a marketplace connecting buyers and sellers of private company shares [Forge Global]. The second is data and tooling sold into institutions: hedge funds, private equity funds, venture firms, and family offices [Forge Global]. The flagship institutional product, Forge Pro, is an order management system for trading private company securities, and it launched with 15 or more customers [Forge Global]. Forge Price, the company's proprietary indicative quote calibrated daily across approximately 200 issuers, now feeds directly into Pro and the broader data products [Business Wire, September 2024].
The deeper data asset sits inside Forge Intelligence: 8,642 public fund marks from 95 funds across 282 issuers [Forge Global]. That is the kind of dataset that is genuinely hard to assemble, because it requires both the fund relationships and the marketplace flow to triangulate against.
Why it could be big
The macro setup is friendlier to Forge than it has been in years. Companies are staying private longer. The IPO window has been intermittent. Employees at late-stage startups are sitting on paper wealth they cannot easily monetize, and institutions want exposure to names like SpaceX, Stripe, and Anthropic without waiting for an S-1. That structural mismatch is what created the secondary market in the first place, and it is what feeds rivals like EquityZen, Hiive, and Secfi.
Forge's pitch to institutions is that the secondary market is moving from a relationship-driven phone-call business to something closer to a screen-based market with reference pricing, order management, and analytics. The September partnership with Fortune Media to launch private market lists and rankings is a distribution play in the same direction: get Forge Price embedded as the number people quote [Business Wire, 2025].
The traction
Forge went public via a $2 billion SPAC merger with Motive Capital Corp [Reuters], and has raised roughly $250 million in total disclosed funding across six rounds [Tracxn]. The company traces its current shape to the merger of Forge and SharesPost [Crunchbase News].
| Metric | Value | Period |
|---|---|---|
| LTM revenue | $92.88M | TTM Sep 30, 2025 |
| Quarterly revenue | $21.26M | Q3 2025 |
| Revenue less transaction expenses | $27.6M | Q2 2025 |
| YoY revenue growth | 16.40% | LTM |
| Total disclosed funding | $250M | All-time |
The honest counterfactual
What bears say: Forge is not the only venue trying to become the screen for private shares. Hiive in particular has gained share with a more open order book model, and EquityZen has a long-running retail-accredited franchise. If price discovery commoditizes and take rates compress, a marketplace with a $90 million revenue base and public-company cost structure has limited room to absorb that pressure.
What bulls answer: pricing data, fund marks, and an institutional OMS are stickier than transaction flow alone. Forge Price integrated into Forge Pro, fed by 8,642 fund marks across 282 issuers [Forge Global], is the kind of bundle that is hard for a pure marketplace to replicate without years of data accumulation. The Fortune partnership signals that Forge intends to compete on becoming the cited reference, not just the cheapest venue [Business Wire, 2025].
What to watch
The next twelve months will turn on three things. First, whether Forge Pro's customer count keeps moving up from the 15-plus disclosed at launch. Second, whether quarterly revenue growth sustains or accelerates beyond the current 10.64% pace, particularly in the data and subscription line. Third, whether a major IPO window reopens, because secondary venues tend to see flow spike both into and out of liquidity events.
The bigger strategic prize is whether Forge Price gets quoted by reporters and analysts the way public-company multiples get quoted today. If it does, Forge stops being a marketplace and becomes infrastructure.