Forge Global Eyes Strategic Options as Charles Schwab’s $660M Bid Signals a New Phase for Private Markets

When Forge Global went public via a reverse merger in 2022, it rode high on the promise of unlocking liquidity in the private-company world — allowing shareholders of unicorns and other growth firms to trade stakes outside the public market. But as the tech boom cooled and private valuations took hits, Forge’s share price tumbled by roughly 90%, bringing its market value down from around US$2 billion to under US$250 million.

Faced with this steep decline, shrinking cash reserves (from nearly US$200 million to about US$80 million), and mounting operating losses, the company began exploring its strategic future — including a possible sale. Forge confirmed that it had “received inbound indications of interest from multiple parties” and was in discussions regarding a potential transaction, though no agreement had yet been finalized.

Now, Texas-based Charles SchwabDealroom has a profile for this one. Try Dealroom → has stepped in with a US$660 million all-cash offer to acquire Forge Global, valuing the company at around US$45 per share — roughly a 75% premium to its latest closing price. The deal underscores Schwab’s broader ambition to expand investor access to private assets, building on its recently launched alternative investment platform for high-net-worth clients. If completed, the acquisition would give Schwab direct infrastructure to trade private-company shares, bridging its traditional brokerage expertise with Silicon Valley’s illiquid market of unicorn equity.

The move follows a wave of consolidation among private-market platforms. Just a week earlier, Morgan StanleyDealroom has a profile for this one. Try Dealroom → acquired EquityZen, one of Forge’s closest rivals, signaling growing institutional appetite for tools that open up secondary markets for private shares. By acquiring Forge, Schwab positions itself at the intersection of two defining financial trends: the institutionalization of private equity and the democratization of access to alternative assets.

For Forge, the sale marks both a strategic turning point and a potential lifeline. Its founding mission — to bring liquidity to private-market shareholders — remains intact, but the execution environment has become more challenging. A deal with Schwab could relieve pressure on cash burn and provide the scale and trust needed to deliver on its original vision.

If approved by regulators, the transaction is expected to close in the first half of 2026. The combined platform would position Schwab as one of the few large-scale financial institutions directly operating in the private-share secondary market — signaling how mainstream access to private equity may soon become.

Sources:
Financial Times
Yahoo!Finance
BusinessWire
The Wall Stret Journal
Reuters

A.M.