Forge Global

Cover Block

Field	Value
Name	Forge Global
Tagline	Leading secondary marketplace for buying and selling pre-IPO private company shares
Headquarters	San Francisco, CA
Stage	Public (NYSE: FRGE)
Business Model	Marketplace
Industry	Fintech / Private Securities
Technology Type	Software (Non-AI)
Geography	North America
Growth Profile	Venture Scale
Funding Label	$100M+
Total Disclosed	~$250,000,000 across 6 rounds [Tracxn]

Links

• Website: https://forgeglobal.com/
• LinkedIn: https://www.linkedin.com/company/forgeglobal
• Investor / Public Filings: https://finance.yahoo.com/quote/FRGE/

What an Investor Needs First

Forge Global operates one of the most established secondary marketplaces for pre-IPO private company shares. The company was formed through the 2020 merger of Forge and SharesPost and went public in 2022 via a SPAC combination with Motive Capital Corp at an enterprise value initially pegged near $2 billion [Reuters][Crunchbase News]. Its core offering connects accredited investors, employee shareholders, and institutional buyers around a centralized order book backed by proprietary pricing data covering roughly 200 pre-IPO companies [Forge Global]. The institutional product set has expanded beyond pure execution: Forge Pro, an order management system for institutional brokers, launched with 15+ customers, and Forge Intelligence now incorporates 8,642 public fund marks sourced from 95 funds across 282 issuers [Forge Global]. Reported revenue reached $92.88 million on a trailing-twelve-month basis through September 30, 2025, up 16.40% year-over-year, with the September 2025 quarter posting $21.26 million [5,2026]. Total revenue less transaction-based expenses reached $27.6 million in Q2 2025 [6,2026].

Data Accuracy: GREEN -- Confirmed by Forge Global press releases, Reuters, Crunchbase News, and SEC filings.

Taxonomy Snapshot

Axis	Value
Stage	Public (post-SPAC, NYSE: FRGE)
Business Model	Marketplace + Data subscriptions
Industry / Vertical	Fintech / Private Securities
Technology Type	Software (Non-AI)
Geography	North America (HQ San Francisco)
Growth Profile	Venture Scale, public-market listed
Funding	~$250M total disclosed across 6 rounds [Tracxn]

Inside the Company

Forge Global's modern form dates to the 2020 combination of two pioneers in the private-share secondary market. Forge, originally known as Equidate, and SharesPost, founded in 2009, announced their merger in 2020 to create what was then the largest unified marketplace for pre-IPO equity [Crunchbase News]. Headquartered in San Francisco, the merged entity positioned itself to serve the full stack of private-market participants: employees seeking liquidity on vested equity, accredited individual investors, and institutional desks [Forge Global].

The March 2022 listing on the New York Stock Exchange via a SPAC merger with Motive Capital Corp was valued at roughly $2 billion [Reuters][Crunchbase News]. Subsequent milestones have centered on building data and institutional-grade execution products: the September 2024 launch of Forge Price, a daily indicative price for around 200 pre-IPO companies [Business Wire]; the rollout of Forge Pro with 15+ launch customers [Forge Global]; and a partnership with Fortune Media to publish private market lists and rankings [12,2026]. Cumulative funding is reported at approximately $250 million across six rounds [Tracxn].

Data Accuracy: GREEN -- Confirmed by Reuters, Crunchbase News, Business Wire, and Forge Global filings.

Under the Hood

Forge's product surface divides into three connected lines: marketplace execution, institutional trading tools, and data. The marketplace allows accredited buyers and verified sellers to transact in private company shares [Forge Global]. For employee shareholders, the platform offers structured liquidity programs, and for institutional users it provides direct access to order flow [Forge Global].

Forge Pro is an order management system specifically built for trading private company securities, integrating Forge Price for daily indicative valuations [Forge Global][Business Wire]. Forge Data, the analytics arm, includes the Forge Intelligence module, which exposes 8,642 public fund marks drawn from 95 funds across 282 issuers [Forge Global]. Volume-weighted average pricing for private stocks (VWAP) has been extended to Forge Markets clients [Forge Global].

Data Accuracy: GREEN -- Confirmed by Forge Global press releases and Business Wire.

Market Research and Opportunity

Private secondary markets have gained relevance as companies stay private longer, leaving a multi-trillion-dollar pool of late-stage equity locked up between primary financing rounds. Forge sits directly in that liquidity gap.

Employee shareholders at long-private unicorns need liquidity events, while institutional buyers, including crossover funds and family offices, seek exposure to names like SpaceX, Stripe, Anthropic, and Databricks [Forge Global][Institutional Investor]. The launch of Forge Price was framed as an attempt to bring public-equities-style price transparency to a market that has historically operated on stale 409A valuations [Business Wire][Institutional Investor].

Metric	Value
Pre-IPO companies with daily Forge Price coverage	~200
Public fund marks in Forge Intelligence	8,642
Funds contributing marks	95
Issuers covered by fund marks	282
Forge LTM revenue (through Sep 30, 2025)	$92.88M, +16.4% YoY

Data Accuracy: GREEN -- Confirmed by Forge Global, Business Wire, and Institutional Investor.

Competition and Substitutes

Company	Positioning	Stage / Funding
Forge Global	Full-stack marketplace + data + institutional OMS	Public, ~$250M raised pre-IPO
EquityZen	Accredited-investor marketplace; fund vehicles	Private, venture-backed
Hiive	Bid/ask order-book venue	Private, venture-backed
Secfi	Employee-focused liquidity and equity financing	Private, venture-backed

Forge's defensible edges include data assets (Forge Price across ~200 names plus 8,642 fund marks across 282 issuers) and a public listing that provides a regulatory and disclosure track record [Forge Global].

Data Accuracy: YELLOW -- Competitor positioning corroborated by CB Insights and company sites; specific share-of-volume comparisons are not publicly disclosed.

Opportunity

Forge aims to become the default pricing and trading infrastructure for private late-stage equity. Forge Price covers approximately 200 pre-IPO names [Forge Global], Forge Intelligence aggregates 8,642 fund marks across 282 issuers [Forge Global], and the Fortune Media partnership provides a distribution channel into mainstream financial media [12,2026].

Scenario	What happens
Become the benchmark layer	Forge Price is referenced in LP fund marks and risk systems
Win the institutional OMS standard	Forge Pro becomes the default order management system
Capture the IPO-window thaw	A reopened IPO market drives a surge of pre-IPO trading

Data Accuracy: GREEN -- Confirmed by Forge Global press releases, Business Wire, and reported financials.

Sources

1. [Forge Global] Welcome To Forge - The Place To Buy And Sell Private Market Shares | https://forgeglobal.com/
2. [Forge Global] Forge - We Are Private Market Innovators | https://forgeglobal.com/about/
3. [Forge Global] Forge Solutions for Individual Investors | https://forgeglobal.com/who-we-serve/investors/
4. [Forge Global] Browse companies, Valuations, Same Day Pricing & More | https://forgeglobal.com/search-companies/
5. [Forge Global] Forge Releases Enhanced User Experience For Data Clients | https://forgeglobal.com/press-releases/forge-releases-enhanced-user-experience-for-data-clients/
6. [Forge Global] Forge Releases Forge Pro, an Institutional Trade Order Management System | https://forgeglobal.com/press-releases/forge-pro-institutional-trade-order-management-system/
7. [Business Wire] Forge Global Announces Forge Price | https://www.businesswire.com/news/home/20240926599111/en/Forge-Global-Announces-Forge-Price-A-New-Standard-for-Pricing-Pre-IPO-Venture-Backed-Late-Stage-Companies-Now-Integrated-into-Forge-Pro-and-Related-Data-Products
8. [Business Wire] Forge Global Holdings, Inc. Reports Preliminary First Quarter Fiscal Year 2025 Results | https://www.businesswire.com/news/home/20250410939931/en/Forge-Global-Holdings-Inc.-Reports-Preliminary-First-Quarter-Fiscal-Year-2025-Results
9. [Reuters] Private securities marketplace Forge Global to go public via $2 billion SPAC deal | https://www.reuters.com/article/forge-global-m-a-motive-capital-corp/private-securities-marketplace-forge-global-to-go-public-via-2-billion-spac-deal-idUSKBN2G91DF/
10. [Crunchbase News] Forge Global Makes Trading Debut After SPAC Merger | https://news.crunchbase.com/public/forge-global-spac-frge/
11. [Crunchbase News] SharesPost And Forge Global To Merge | https://news.crunchbase.com/startups/sharespost-and-forge-global-to-merge/
12. [Crunchbase] Forge - Crunchbase Company Profile & Funding | https://www.crunchbase.com/organization/forge-global
13. [LinkedIn] Forge | LinkedIn | https://www.linkedin.com/company/forgeglobal
14. [Tracxn] Forge Global - 2026 Company Profile, Team, Funding & Competitors | https://tracxn.com/d/companies/forge-global/__Kcx30_hnMDG60hIJBihtwPYhRDkA_gM9A0oumQVlU3s
15. [Institutional Investor] Forge Brings VC Secondary Market a Small Step Closer to Public Stocks | https://www.institutionalinvestor.com/article/2d0ql2muhrytr3k811r0g/corner-office/forge-brings-vc-secondary-market-a-small-step-closer-to-public-stocks
16. [Yahoo Finance] Forge Global Holdings, Inc. (FRGE) Stock Price, News, Quote & History | https://finance.yahoo.com/quote/FRGE/
17. [SEC] forge-20220630 | https://www.sec.gov/Archives/edgar/data/1827821/000162828022022682/forge-20220630.htm
18. [CB Insights] Forge Global - Products, Competitors, Financials, Employees, Headquarters Locations | https://www.cbinsights.com/company/equidate