Forge Global Holdings, Inc. (FRGE): History, Ownership, Mission, How It Works & Makes Money

Forge Global Holdings, Inc. (FRGE) is the private market's vital liquidity engine, but is its recent stock surge-up nearly 139.73% month-to-date as of mid-November 2025-justfiable given its still-unprofitable model?

The company is defintely accelerating, reporting $74.3 million in total revenue for the first nine months of 2025, driven by marketplace solutions that facilitated $756.1 million in Q2 trading volume alone, a 77% jump year-over-year.

You need to understand how this leading provider of private market infrastructure, with $18.1 billion in Assets Under Custody, actually works and makes money to map its near-term risks and opportunities-so, are you ready to look past the headline numbers and see the true financial mechanics?

Forge Global Holdings, Inc. (FRGE) History

You need a clear picture of how Forge Global Holdings, Inc. (FRGE) became the private market infrastructure player it is today, and that story is one of rapid evolution culminating in a major 2025 acquisition. The company started as a simple marketplace for private shares and transformed into a comprehensive platform for liquidity, data, and custody, a trajectory that recently ended with its sale to a financial giant.

Forge Global Holdings, Inc.'s Founding Timeline

The company was born out of a clear need for a liquid secondary market for private company stock, a problem that became more acute as startups stayed private longer. This initial focus set the stage for its growth.

Year established

2014

Original location

San Francisco, California, United States

Founding team members

• Sohail Prasad (Founder)
• Andrea Lamari
• Gil Silberman
• Samvit Ramadurgam

Initial capital/funding

Forge Global raised a total of approximately $357 million across 11 funding rounds while it was a private company. Key investors included firms like Panorama Point Partners and Financial Technology Partners.

Forge Global Holdings, Inc.'s Evolution Milestones

The company's history is marked by strategic shifts from a pure marketplace model to a full-service financial technology platform, culminating in a public listing and, ultimately, a sale. This table shows the critical junctures.

Forge Global Holdings, Inc.'s Transformative Moments

The transition from a startup to a public company and then to an acquired entity in a single three-year span is a massive transformation. You can defintely see the impact of scaling up, then finding the right strategic partner.

The most significant shift was the 2022 decision to go public via a Special Purpose Acquisition Company (SPAC) merger, which provided a massive capital injection and liquidity for early investors, but also exposed the company to public market scrutiny. This move positioned Forge Global as the first publicly traded secondary market trading platform.

The 2025 financial performance showed the platform was gaining traction right before the acquisition. In the first half of 2025 (1H25), the company reported Total Revenues Less Transaction-Based Expenses of $52.7 million, a 28% increase year-over-year. Trading Volume for the first half of 2025 hit $1.4 billion, up 110% year-over-year. That's a strong growth story.

The ultimate transformative moment, however, was the acquisition by Charles Schwab on November 6, 2025, for $660 million. This move validates the private market as a necessary piece of the retail and institutional investment landscape, effectively ending Forge Global's journey as an independent public company and integrating its technology into a much larger financial ecosystem.

• Public Listing: The March 2022 SPAC merger provided an implied valuation of $1.8 billion, though market conditions quickly adjusted this figure.
• Platform Innovation: The June 2025 launch of the Next Generation Marketplace drove Q2 2025 Marketplace revenues (less transaction-based expenses) to $18.5 million, up 17% quarter-over-quarter.
• Strategic Exit: The November 2025 acquisition by Charles Schwab for $660 million provided a clear exit for shareholders and a new, massive distribution channel for the private market infrastructure.

For a deeper dive into who was buying the stock leading up to this exit, you should check out Exploring Forge Global Holdings, Inc. (FRGE) Investor Profile: Who's Buying and Why?

Forge Global Holdings, Inc. (FRGE) Ownership Structure

Forge Global Holdings, Inc. is currently a publicly traded company, but its ownership structure is in flux due to a definitive acquisition agreement with Charles Schwab Corporation, which is expected to close in the first half of 2026.

The company's governance is driven by a mix of institutional, insider, and retail investors, with the latter holding the largest single slice of the equity pie, which gives the general public a significant, though dispersed, influence on the company's direction.

Forge Global Holdings, Inc.'s Current Status

Forge Global Holdings, Inc. (FRGE) is a publicly traded company listed on the New York Stock Exchange (NYSE). Still, its independent status is near its end.

On November 6, 2025, the company announced it had entered a definitive agreement to be acquired by Charles Schwab Corporation for $45 per common share in an all-cash transaction valued at roughly $660 million.

This deal, unanimously approved by the Forge Board of Directors, is expected to finalize in the first half of 2026, so until then, the stock's price, which was trading around $44.05 per share on November 18, 2025, will likely track the deal's terms rather than just underlying fundamentals.

You can get a deeper look into the stakeholders by Exploring Forge Global Holdings, Inc. (FRGE) Investor Profile: Who's Buying and Why?

Forge Global Holdings, Inc.'s Ownership Breakdown

As of early November 2025, the ownership structure shows a significant stake held by the general public, which is unusual for a company of this size, plus a considerable block held by institutional funds and company insiders.

This dispersal of control means no single entity has a majority, though the top 19 shareholders collectively hold about 50% of the business.

Here's the quick math on who owns the shares:

The largest single institutional shareholder is Motive Capital Management, LLC, holding nearly 12% of the outstanding shares, followed by Deutsche Börse AG, also with a substantial stake. BlackRock, Inc. is also a top holder, controlling around 4.82% of the shares as of September 2025. To be fair, this institutional presence lends credibility, but it also means large-scale selling could cause a defintely sharp price drop.

Forge Global Holdings, Inc.'s Leadership

The company is steered by a seasoned executive team with deep experience in financial technology (fintech) and capital markets, all of whom have been instrumental in navigating the current acquisition process.

The core executive management team as of November 2025 includes:

• Kelly Rodriques: Chief Executive Officer. He has led the company since July 2018 and has a total yearly compensation of $4.23 million as of September 30, 2025.
• James Nevin: Chief Financial Officer. He officially took the role on January 20, 2025, bringing over 25 years of financial and capital markets experience, including a decade at The London Stock Exchange (LSEG).
• Cathy Dondzila: Chief Accounting Officer. She has more than 35 years of finance and accounting experience in global capital markets.
• Vidya Eashwer: Chief Technology Officer. She brings over 18 years of experience in creating and executing innovative fintech technology strategy.

The board and management's average tenure is relatively short, around three years, but the executive leadership is experienced, which is crucial for managing the complex regulatory and operational hurdles of the Charles Schwab acquisition.

Forge Global Holdings, Inc. (FRGE) Mission and Values

Forge Global Holdings, Inc. stands for democratizing access to the private capital markets, aiming to bring liquidity and transparency to a traditionally opaque asset class. This mission is grounded in core values-Bold, Accountable, and Humble-that define their cultural DNA and drive their strategic vision to build the essential infrastructure for the future of private investing.

Forge Global Holdings, Inc.'s Core Purpose

You need to understand what a company truly values beyond the balance sheet. For Forge Global Holdings, Inc., their purpose is to unlock wealth creation opportunities for a much wider audience, moving past the old-school gatekeepers of the private market. This focus on accessibility is defintely what sets their strategy.

Here's the quick math on their impact: as of September 30, 2025, investors have traded more than $17 billion in private company shares on their platform, showing the scale of their mission in action. For more on how this translates to their bottom line, check out Breaking Down Forge Global Holdings, Inc. (FRGE) Financial Health: Key Insights for Investors.

Official mission statement

The formal mission is clear: to expand who can participate in the private market economy and help accelerate their financial future. This isn't just about transactions; it's about systemic change.

• Give a broader group of people the ability to buy and sell private shares in innovative companies.
• Help all participants in the private market economy to accelerate destiny.
• Build technology and solutions to power an accessible, liquid, and transparent private market for everyone.

Vision statement

Forge Global Holdings, Inc.'s strategic vision centers on building the foundational infrastructure for the next generation of private markets. They see the private market as a critical, not fringe, part of every investor's portfolio, and they want to be the platform that makes that possible.

• Deliver private market access more broadly to a growing global client base.
• Serve as a valuable contributor to the capital ecosystem of high-growth private companies.
• Deepen liquidity, improve transparency, and further democratize access to wealth creation.
• Transform how the private market works by expanding access to qualified retail investors.

This vision is backed by real growth; total revenues less transaction-based expenses for the first six months of 2025 hit $52.7 million, a 28% increase year-over-year.

Forge Global Holdings, Inc. Core Values

The company's cultural DNA is built on three core values that dictate how they innovate and interact, both internally and with the market. These principles are how they manage the risk inherent in a complex, evolving market.

• We are Bold: Embody a daring spirit; invest in relationships while practicing radical candor.
• We are Accountable: Sign up, commit, and deliver; take ownership while thoughtfully holding others accountable.
• We are Humble: Exemplify excellence without arrogance; respect, listen to, and learn from others.

Forge Global Holdings, Inc. slogan/tagline

While they don't use a single, catchy slogan in their corporate filings, the most accurate descriptive tagline for their offering is: 'The Place To Buy And Sell Private Market Shares.'

Forge Global Holdings, Inc. (FRGE) How It Works

Forge Global Holdings, Inc. (FRGE) operates a marketplace infrastructure that brings liquidity and transparency to the private capital markets, essentially acting as a secondary exchange for pre-IPO company shares. It connects shareholders, like employees and early investors, with qualified buyers, simplifying complex private securities transactions that have historically been illiquid and opaque.

The company's core value comes from its technology platform and proprietary data, which facilitate trade execution, settlement, and custody for private securities. For the first half of 2025, the platform saw a total trading volume of approximately $1.4 billion, demonstrating its critical role in this ecosystem.

Given Company's Product/Service Portfolio

Given Company's Operational Framework

Forge Global's operational process is built around digitizing and standardizing the private market transaction lifecycle, which is usually manual and slow. The company generates revenue primarily through two channels: Marketplace revenues (transaction fees from trading) and Custodial Administration fees.

• Sourcing and Listing: The platform sources indications of interest (IOIs) for shares in high-growth private companies, with 546 companies having IOIs as of Q1 2025.
• Execution and Settlement: Forge Securities LLC, a registered broker-dealer, operates the ATS for matching buyers and sellers. This is where the bulk of the transaction fees are earned, contributing $18.5 million in marketplace revenue (less transaction-based expenses) in Q2 2025.
• Custody and Compliance: After a trade, Forge provides custody for the private shares and handles the complex administrative and compliance aspects, ensuring the transaction meets all regulatory requirements for private securities.
• Product Expansion: The acquisition of Accuidity Capital Management in 2025 is designed to accelerate the launch of new investment products, like interval funds, to broaden private market access for a wider range of investors.

Here's the quick math: The total revenues less transaction-based expenses for the first half of 2025 were $52.7 million, a 28% increase year-over-year, showing strong market momentum.

Given Company's Strategic Advantages

The company's success hinges on its first-mover advantage and its infrastructure, which is hard to replicate. The most significant near-term event is the definitive agreement for Charles Schwab to acquire Forge Global in an all-cash transaction valued at approximately $660 million, announced in November 2025.

• Technology and Data Edge: Forge operates a next-generation, API-first platform that streamlines transactions and increases transparency, a key competitive advantage in a traditionally opaque market.
• Network Effect: The platform has facilitated the trading of more than $17 billion in private company shares since inception through September 30, 2025, creating a deep pool of liquidity that attracts both buyers and sellers.
• Strategic Partnerships: A collaboration with Silicon Valley Bank (SVB) in Q3 2025 expands client reach by recommending Forge's liquidity solutions to SVB's tech-focused depositors and borrowers.
• Wealth Channel Integration: The upcoming acquisition by Charles Schwab positions Forge to democratize private market access, extending its products to Schwab's select ultra-high-net-worth clients and eventually to more than 1 million retail clients and registered investment advisers.

What this estimate hides is the final regulatory approval of the Schwab deal, which is expected to close in the first half of 2026. Still, the strategic direction is clear: Forge is becoming the primary private market access point for a major US financial institution. You should read Exploring Forge Global Holdings, Inc. (FRGE) Investor Profile: Who's Buying and Why? for a deeper dive into the shareholder base.

Forge Global Holdings, Inc. (FRGE) How It Makes Money

Forge Global Holdings, Inc. (FRGE) generates revenue primarily by facilitating transactions in the private securities market and by providing essential custody and administrative services for those assets. Think of it as an exchange and a bank for pre-IPO stock, where the company takes a small cut of each trade and charges fees for holding and servicing the private shares.

Forge Global Holdings, Inc.'s Revenue Breakdown

The company's revenue is split into two core components: fees from its marketplace, which are transaction-driven, and fees from its custody solutions, which are recurring administrative charges. Based on the third quarter of fiscal year 2025 (Q3 2025) results, the revenue streams break down as follows:

Marketplace Revenue, which totaled $12.16 million in Q3 2025, is the dominant stream, representing the transaction fees (or net take rate) charged for matching buyers and sellers of private company shares. Custodial Administration Fees, which brought in $9.10 million in Q3 2025, are fees for holding, servicing, and administering the private securities, a more stable, recurring revenue base. Overall, total revenue for Q3 2025 was $21.26 million, a 10.6% increase year-over-year, which is defintely a sign of strengthening market activity.

Business Economics

The core of Forge Global's business economics is the 'Net Take Rate'-the percentage of the transaction value it keeps as revenue. This rate fluctuates based on the size and complexity of the trades, but the overall trend for the first half of 2025 (1H 2025) showed an increase from 2.3% to 2.4% quarter-over-quarter, indicating pricing power or a shift toward higher-margin transactions. The total trading volume in 1H 2025 hit $1.4 billion, a massive 110% increase year-over-year, showing that market liquidity is the engine. That's a huge jump.

The company also leverages its proprietary data solutions, such as Forge Price, which it partners with firms like Intercontinental Exchange (ICE) to distribute. This data, while not a separate, large revenue line in the financials yet, is a strategic asset. It attracts institutional clients and underpins the Asset Management Solutions (like fund creation and management), which are designed to offer a diversified set of investment solutions through the Forge platform.

• Pricing Strategy: Transaction fees (Marketplace) are variable, while custody fees are stable and recurring.
• Key Growth Driver: Increased trading volume and a higher Net Take Rate.
• Strategic Value: Data and custody services create a sticky ecosystem for private market investors.

For a deeper dive into who is driving this volume, you should check out Exploring Forge Global Holdings, Inc. (FRGE) Investor Profile: Who's Buying and Why?

Forge Global Holdings, Inc.'s Financial Performance

While revenue growth is strong, Forge Global Holdings, Inc. is still in a growth-investment phase, meaning profitability remains the key challenge. The first nine months of 2025 saw total revenues of $74.3 million, a solid increase from the prior year. However, the company continues to report losses as it invests heavily in its platform and market expansion.

• Net Loss: The Q3 2025 Net Loss was $18.21 million, a slight improvement from the prior year's Q3 loss. For the nine months ended September 30, 2025, the Net Loss was $46.98 million.
• Adjusted EBITDA: The company is making progress toward operational efficiency, with the Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization, adjusted for non-cash items) loss improving by 33% year-over-year in the first half of 2025 to a loss of $14.3 million. This metric is a better indicator of core business health.
• Cash Position: As of March 31, 2025, the company held $93.1 million in cash and cash equivalents and investments, which is a strong buffer for continued operations and investment.

The company is targeting Adjusted EBITDA breakeven in 2026, which is the critical milestone we, as analysts, are watching. The path to profitability hinges on the private market's continued recovery and the successful scaling of their higher-margin marketplace and data solutions.

Forge Global Holdings, Inc. (FRGE) Market Position & Future Outlook

Forge Global Holdings, Inc. is fundamentally shifting its trajectory from a standalone public company to a key component of a major financial institution, following the definitive agreement for its acquisition by Charles Schwab Corporation. This $660 million all-cash deal, announced in November 2025, validates Forge's position as a leading technology provider in the private market and sets the stage for a dramatic expansion into the wealth management channel in 2026, pending regulatory approval.

Competitive Landscape

In the private secondary market, Forge Global Holdings, Inc. competes primarily with platforms focused on providing liquidity for pre-IPO shares. While a precise, universally agreed-upon market share is difficult to calculate in this opaque market, Forge's scale and infrastructure position it as a leader, especially in institutional-grade transactions. The company has facilitated over $17 billion in private company share transactions as of September 30, 2025.

Opportunities & Challenges

The private market is projected to grow significantly, with the global venture secondary Total Addressable Market (TAM) expected to exceed $120 billion in 2025, so there's plenty of room to run. But, as always, greater opportunity comes with greater risk, particularly in a market that remains sensitive to the IPO window and regulatory shifts.

Industry Position

Forge Global Holdings, Inc. holds a leading position as an alternative trading system (ATS) for pre-IPO securities, acting as the critical infrastructure layer. The company's focus is clear: be the most accessible, liquid, and transparent private market platform. [cite: 15 (from step 1)]

• Forge's YTD 2025 trading volume reached $1.87 billion, a 62% increase in marketplace revenue year-over-year, showing strong operational momentum pre-acquisition.
• The pending acquisition by Charles Schwab Corporation is a significant endorsement of Forge's technology and client network, positioning the company to become the premier destination for democratizing access to private markets for qualified investors. [cite: 13 (from step 1)]
• The core competitive edge is its vertically integrated platform, which combines trade execution, settlement, and custody for private securities, plus data-analytics tools like Forge Price to offer visibility into pricing trends. [cite: 5 (from step 1)]
• To be defintely successful, the integration with Schwab must successfully translate Forge's institutional-grade infrastructure into scalable products for the mass-affluent and ultra-high-net-worth client segments.

For a deeper dive into the company's foundational principles, you can review its Mission Statement, Vision, & Core Values of Forge Global Holdings, Inc. (FRGE).