Forge

Buy-side IOIs made up 43.5% of total IOIs on the Forge marketplace in September, their lowest share in roughly two years. The four-month decline reflects increasing sell-side participation and a changing balance between liquidity supply and buyer demand.

1/2: A $20 billion valuation is a significant milestone in the private markets, but it doesn’t necessarily mark a peak. Since early August 2026, five companies have reached this threshold: @Kalshi, @CrusoeAI, @reflection_ai, @DevotedHealth, and @Whatnot.

1/2: A $20 billion valuation doesn't have to be the peak. In the October Private Market Update, Forge finds 70% of tracked companies valued at $20B+ maintained that valuation in their latest funding round or exited higher.

1/3: The 2026 IPO market started with momentum, but macroeconomic realities are beginning to creep in. After a promising start with @BitGo and @EquipmentShare, followed by @cerebras and SpaceX, the market has slowed. @limebike’s July 1 debut was the most recent VC-backed IPO.

1/2: STARTUP TRENDS: @CrusoeAI, @cognition, @FireworksAI_HQ, @tenstorrent, and Hadrian are 5 companies listed on the Forge marketplace that recorded some of the largest funding rounds of Q3 2026, alongside recent developments and valuation data.

1/2: M&A can offer insight into how private companies are positioning for their next phase of growth. Q3 saw several notable transactions involving companies featured on the Forge marketplace.

1/2: Before a private company goes public, there can be signals that it’s getting closer to the public markets. @FalconXGlobal, @krakenfx, @OpenAI, @AnthropicAI, and @discord have each been linked to confidential IPO filings.

Companies that have not raised capital since 2021 or 2022 have the highest discounts to their last-round valuations, according to Forge data. The data points to a backlog of companies from this era potentially stuck in limbo, unable to go public or raise additional capital.

Forge's September Private Market Update highlights just how far some private-market valuations have reset. Across 112 companies traded on the Forge marketplace that last raised in 2021 or Q1 2022, the average Forge Price discount is 49%, with a median of 61%.

1/3: The Great Reset is entering a new phase. Newly public @bendingspoons has emerged as a buyer of once highflying technology businesses @airtable and @MiroHQ at deeply discounted valuations from their last funding rounds.

1/2: Two of AI’s biggest names are moving toward the public markets. @OpenAI and @AnthropicAI have both confidentially submitted draft registration statements to the SEC.

1/2: @Kalshi and @Polymarket are emerging as two of the category’s most closely watched private companies in events-based trading. Investor interest in the category is reflected in the valuations of both of these companies.

1/2: The race to the public markets is heating up for #AI’s biggest private companies. @OpenAI’s Forge Price implies a ~$894B valuation, while reports suggest an IPO could push it toward $1T.

1/2: Two years can change a company’s valuation dramatically. Forge Price™ data shows substantial gains for @AnthropicAI, @OpenAI, @databricks and @Stripe over the past two years, all before going public.

1/2: The unicorn ranks are growing. @UseCorgi, @allencontrol, @WisprFlow and @RogoAI recently crossed the $1B valuation threshold.

1/1: July highlighted a clear divergence in private market performance. The FPMI rose 9.3%, while the FAPMI fell -4.2% as SpaceX weighed on the benchmark. The difference reflected outsized moves among private companies, with SpaceX (-36.6%) pulling the cap-weighted FAPMI lower.

1/2: The $100B milestone hasn’t changed. But for some companies, the path to reaching it has gotten shorter. Companies founded before 2011, including SpaceX and @stripe, took 16 years on average to reach $100B.