Forge Global Holdings, Inc.
Forge Global Holdings, Inc. operates a private securities marketplace and related transaction services for shareholders, companies, and institutional participants in the private market. The company is best known for helping buyers and sellers trade shares of private companies and for providing infrastructure around valuation, settlement, and liquidity in an otherwise illiquid asset class.
Fiscal year 2024 · change from previous year
Development 2020–2024
Business
Share of revenueFacilitates buying and selling of shares in private companies through a managed marketplace.
Supports execution, settlement, and administration of private market transactions.
Provides tools and services to private companies managing shareholder liquidity and cap table activity.
Delivers pricing, valuation, and market intelligence used in private asset decision-making.
Products
Reported · share of revenue- Custodial Administration Fees52.7 %
- Marketplace47.3 %
Source: 10-K FY2024, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
Forge serves private company shareholders seeking liquidity, institutional buyers looking for access to private assets, and private companies that need controlled secondary-market solutions. Its customer base is shaped by the private markets ecosystem, where participants value access, price discovery, and transaction support more than high-frequency trading.
Employees, founders, and early investors use the platform to sell illiquid shares and access liquidity before an IPO or exit.
Funds and other professional buyers use Forge to source private-company exposure and execute secondary purchases.
Companies use Forge's services to manage shareholder liquidity, transaction workflows, and market visibility.
Intermediaries and counterparties use the platform for execution, settlement, and private-market infrastructure.
Strategy
Forge's strategy centers on expanding private-market liquidity infrastructure and deepening its role as a transaction venue for private securities. The current merger process with Charles Schwab is a major strategic event and may reshape the company’s standalone direction, resource allocation, and competitive positioning.
Higher transaction volume improves marketplace relevance and monetization in an illiquid asset class.
Issuer relationships can create recurring workflow and liquidity opportunities around private-company cap tables.
The merger could materially alter ownership, strategy, and operating flexibility.
Geography
Forge is a U.S.-based business with its core market centered on American private companies, investors, and intermediaries. The available filings do not disclose a meaningful country revenue split, but the company’s operating and regulatory footprint is primarily tied to the United States, where private-market activity and broker-dealer oversight are concentrated.
Risks
Forge faces execution and regulatory risk typical of a broker-dealer and marketplace business, but the most immediate issue is the pending Schwab merger and the restrictions it places on operations. The company also depends on market sentiment, customer retention, and transaction activity in private markets, which can be volatile and sensitive to liquidity conditions and deal uncertainty.
- Pending Schwab merger may disrupt operationsImpact: HighLikelihood: Medium
Management attention, employee morale, and customer confidence can weaken while the transaction is pending.
Exposure: Company-wide
- Merger-related contractual restrictions limit flexibilityImpact: HighLikelihood: Medium
The company must operate in the ordinary course and may need Schwab consent for certain actions.
Exposure: Strategic and operating decisions
- Private market liquidity and volume riskImpact: High
Revenue depends on transaction activity in an asset class that can slow sharply in weak markets.
Exposure: Marketplace volumes
- Litigation related to the mergerImpact: MediumLikelihood: Medium
Shareholder or third-party lawsuits could delay or block closing and increase costs.
Exposure: Transaction process
Accounting
Judgemental itemsAdvisory, legal, and integration costs can materially affect operating expenses during the deal period.
Impact: Reported earnings and comparability
The $25.74 million termination fee may require disclosure and possible accrual depending on probability and terms.
Impact: Balance sheet and footnote risk
Merger-related lawsuits can create uncertain liabilities and additional legal expense.
Impact: Earnings volatility and disclosures
Repurchases reduce equity and can affect per-share metrics and capital structure analysis.
Impact: Equity and EPS optics
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Last updated: 24/09/2026