Charles Schwab has agreed to acquire Forge Global for $660 million, signaling a major strategic push by Wall Street into the fast-growing market for pre-IPO shares.
The $45-per-share offer represents a 72% premium over Forge’s last close — sending the stock up 67% in early trading.
🔹 Why It Matters
“Companies are staying private for longer — and the market for pre-IPO shares is fragmented, inefficient, and ripe for democratization,”
said Rick Wurster, CEO of Schwab.
As firms like OpenAI, SpaceX, and Bytedance reach valuations that rival S&P 500 giants, investors are increasingly looking for early-stage exposure — and institutions are racing to meet that demand.
📊 Private Markets Go Mainstream
Schwab joins Morgan Stanley, which recently bought EquityZen, in a wave of big-bank moves aimed at bridging public and private capital markets.
Forge Global, which went public via SPAC in 2021, has already facilitated $17 billion+ in private-share transactions.
Schwab, managing $11.6 trillion in client assets, sees private-market access as the next frontier for its wealth clients — blending liquidity, innovation, and exclusivity.
🔹 The Takeaway
The line between public and private markets is blurring fast.
For investors, this deal represents more than consolidation — it’s a structural shift toward mainstream access to private growth.
Pre-IPO liquidity is no longer niche — it’s the next battleground for client value and financial innovation.