Charles Schwab has announced a $660 million acquisition of Forge Global, valuing the private shares platform at $45 per share — a 72% premium over its last close. Forge’s stock surged 67% following the news.
This marks a major step for Schwab as it moves to democratize access to private markets, where investors increasingly seek early exposure to high-growth firms.
“Companies are staying private longer, and the pre-IPO market remains fragmented and inefficient,”
said Schwab CEO Rick Wurster.
“If private market activity grows to even a fraction of public markets, it will be a huge win for our clients.”
🔹 Why It Matters
The rise of mega-valued private firms like OpenAI, SpaceX, and Bytedance has blurred the lines between public and private markets. Investors want in — and Wall Street is racing to meet that demand.
- Morgan Stanley recently agreed to acquire EquityZen, another private shares platform.
- Forge Global, which went public via SPAC in 2021, has already facilitated $17B in private-company trades.
- Schwab’s acquisition signals a structural shift: the tokenization and liquidity of private equity are becoming mainstream.
🔹 The Strategic Play
With $11.6 trillion in client assets and a $170B market cap, Schwab is positioning itself at the intersection of private market access and retail democratization.
Brokerage TD Cowen said the deal “accelerates Schwab’s new-product narrative” and could reduce investor anxiety over share erosion amid evolving capital-market models.
The acquisition — advised by J.P. Morgan Securities and Financial Technology Partners — is expected to close in H1 2026.
🔹 The Takeaway
Private markets are no longer exclusive.
With Schwab and Morgan Stanley leading the way, the era of “retail meets pre-IPO” has officially begun.
Access, liquidity, and opportunity — the next frontier of investing is no longer public-only.