Forge Global CEO on Private Markets, SpaceX IPO Outlook, and AI Investments

Private Markets Going Mainstream

• 💡 Private markets are transitioning from an alternative asset class to a mainstream investment opportunity, with significant growth observed in European and UK offices.
• 🚀 The acquisition of Forge Global by Charles Schwab aims to democratize access to private markets for all investors, bridging the gap previously accessible only to institutions and the wealthy.
• 🎯 The deal, expected to close in the first half of 2026, will bring Forge's marketplace infrastructure and data services to Schwab's 42 million clients.

Davos Discussions: AI and Key Sectors

• 🧠 Artificial Intelligence (AI) is the dominant theme at the World Economic Forum in Davos, with AI companies comprising a significant portion of Forge's tracked private companies.
• 🚀 The defense and aerospace sector is the second-largest growth area, with companies like SpaceX and Anduril showing substantial increases in valuation.
• fintech sector has also seen significant growth, with valuations up over 100% this year.

SpaceX and IPO Market Dynamics

• 📈 SpaceX is a top-traded company on Forge, alongside major AI names, indicating strong investor demand and a potential for a significant IPO.
• 💰 The ability of companies like OpenAI to raise substantial private capital ($40 billion for OpenAI this year) raises questions about the necessity of going public.
• ⏳ Companies that have been private for many years, like SpaceX, are seeing increased demand from investors seeking liquidity, especially those with fund durations nearing their end.

Democratizing Access to Private Investments

• 📊 Forge is launching the first non-accredited index fund in the coming weeks, offering access to 60 major private companies in AI, fintech, and other sectors with a minimum investment of $2,500.
• 🏦 This new fund structure, available through Schwab, will be an interval fund with quarterly liquidation options, making private market investments more accessible to a broader investor base.
• 🧩 The development of these publicly available funds holding private assets was enabled by the acquisition of a company called Liquidity, leveraging Forge's data to meet regulatory requirements.