Forge Global

To create an accessible private market by being its core operating system.

Forge Global SWOT Analysis

Updated: October 4, 2025 • 2025-Q4 Analysis

How to Use This Analysis

This analysis for Forge Global was created using Alignment.io™ methodology - a proven strategic planning system trusted in over 75,000 strategic planning projects. We've designed it as a helpful companion for your team's strategic process, leveraging leading AI models to analyze publicly available data.

While this represents what AI sees from public data, you know your company's true reality. That's why we recommend using Alignment.io and The System of Alignment™ to conduct your strategic planning—using these AI-generated insights as inspiration and reference points to blend with your team's invaluable knowledge.

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The Forge Global SWOT Analysis reveals a company at a crucial inflection point. Its formidable brand and proprietary data create a strong competitive moat, positioning it as a leader. However, the business model's sensitivity to market volatility and its current unprofitability are significant vulnerabilities. The path forward demands a relentless focus on diversifying revenue away from transactional fees toward recurring data and custody services. Simultaneously, Forge must automate its core operations to achieve scalable profitability. The key priorities identified—Diversify, Automate, Expand, and Defend—are not just strategic options; they are imperatives for survival and long-term market dominance. Executing this pivot from a transaction-focused entity to a resilient, multi-faceted platform will define its future success in the evolving private market landscape.

Nasdaq Private Market Carta EquityZen Securitize Zanbato

No past cycles

Mission & Vision SWOT Analysis OKR Plan Retrospective AI Strategy Data Acquisition

To create an accessible private market by being its core operating system.

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Strengths

BRAND: Leading brand recognition in the US private secondary market.
DATA: Proprietary transaction data provides a significant competitive moat.
CUSTODY: Integrated Forge Trust simplifies settlement and boosts trust.
NETWORK: Established network of buyers, sellers, and wealth partners.
EXPERIENCE: Decade of navigating complex private market transactions.

Weaknesses

VOLATILITY: Revenue highly correlated with IPO market and tech valuations.
PROFITABILITY: History of net losses raises concerns about business model.
COSTS: High fixed costs for compliance and technology weigh on margins.
SCALABILITY: Manual processes in deal execution limit transaction throughput.
DIVERSIFICATION: Over-reliance on trading fees vs. recurring data/custody.

Opportunities

INTERNATIONAL: Untapped demand for private market access in Europe & Asia.
DIVERSIFICATION: Grow recurring revenue from Forge Data & Forge Trust.
PARTNERSHIPS: Deeper API integrations with wealth platforms (e.g., Addepar).
PRIVATE CREDIT: Expand platform capabilities to include private credit deals.
ACQUISITIONS: Acquire smaller competitors or complementary tech providers.

Threats

MACRO: Sustained high interest rates delay IPOs and suppress valuations.
COMPETITION: Increased competition from Nasdaq Private Market and CartaX.
REGULATION: Potential for increased SEC scrutiny on private market trading.
DISINTERMEDIATION: Companies staying private longer, but using fewer platforms.
TECHNOLOGY: New entrants using tokenization to offer lower-cost solutions.

Key Priorities

DIVERSIFY: Aggressively scale recurring data & custody revenue streams.
AUTOMATE: Radically reduce transaction costs via process automation & AI.
EXPAND: Prioritize international expansion and wealth partner integrations.
DEFEND: Solidify data moat and brand leadership against new competitors.

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Forge Global OKR

Updated: October 4, 2025 • 2025-Q4 Analysis

The Forge Global OKR plan is a masterclass in strategic focus. It directly translates the core challenges from the SWOT into a clear, actionable blueprint for building a more resilient and scalable business. The objectives to DIVERSIFY REVENUE and AUTOMATE TO SCALE tackle the existential threats of market volatility and unprofitability head-on. By prioritizing recurring revenue, global expansion, and AI-driven efficiency, this plan sets a clear path to not just survive but to dominate the future of the private markets. This is the focused execution needed to transform Forge from a marketplace into the indispensable operating system it aims to be.

Nasdaq Private Market Carta EquityZen Securitize Zanbato

No past cycles

Mission & Vision SWOT Analysis OKR Plan Retrospective AI Strategy Data Acquisition

To create an accessible private market by being its core operating system.

DIVERSIFY REVENUE

Build a resilient business independent of market cycles.

DATA: Increase annual recurring revenue from Forge Data subscriptions from 15% to 25% of total revenue.
CUSTODY: Grow assets under custody in Forge Trust by 40% through new institutional client onboarding.
INTERNATIONAL: Secure 10 anchor clients in Europe to validate the international expansion model and generate revenue.
API: Launch a new API partner program, driving 15% of new investor sign-ups via platform integrations.

AUTOMATE TO SCALE

Achieve operational excellence and a path to profitability.

EFFICIENCY: Reduce manual touchpoints per trade by 50% by deploying new internal automation and AI tools.
ONBOARDING: Cut institutional client onboarding time from an average of 10 days to 3 days via automation.
COMPLIANCE: Automate 70% of routine compliance checks using a new AI-powered monitoring system.
COSTS: Lower transaction processing costs as a percentage of revenue by 20% through tech investments.

EXPAND GLOBALLY

Become the undisputed global leader in private markets.

PRESENCE: Establish a fully licensed entity in one key European market (e.g., UK or Luxembourg) by year-end.
PARTNERS: Sign agreements with 5 major European wealth management platforms to integrate Forge's platform.
PIPELINE: Build a qualified sales pipeline of $500M in potential transaction volume from international clients.
AWARENESS: Achieve a 25% increase in branded search volume and media mentions in target international regions.

WIN THE MARKET

Solidify our data moat and brand leadership position.

DATA MOAT: Launch an AI-powered valuation tool, driving a 50% increase in Forge Data user engagement.
BRAND: Increase our Share of Voice in top-tier financial media by 30% compared to our top 2 competitors.
PRODUCT: Achieve a user satisfaction (CSAT) score of over 90% for our core trading platform experience.
NETWORK: Grow the number of companies with active secondary markets on our platform by 25%.

METRICS

Marketplace Transaction Volume: $2.5B
Annual Recurring Revenue: $25M
Adjusted EBITDA Margin: -15%

VALUES

Be Bold
Be Transparent
Be Accountable
Be a Partner

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Forge Global Retrospective

AI-Powered Insights

Claude

Gemini

GPT

Forge Global Q1 2024 Earnings Report & Transcript
Forge Global Investor Relations Website (forgeglobal.com/investor-relations)
SEC Filings (10-K, 10-Q) for Forge Global Holdings, Inc.
Public financial data from Yahoo Finance for FRGE
Industry reports on private market growth and fintech trends

Nasdaq Private Market Carta EquityZen Securitize Zanbato

No past cycles

Mission & Vision SWOT Analysis OKR Plan Retrospective AI Strategy Data Acquisition

To create an accessible private market by being its core operating system.

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What Went Well

REVENUE: Strong YoY revenue growth shows recovering market demand.
CUSTODY: Forge Trust assets and revenue continued its steady climb.
LOSS: Net loss improved, indicating progress on cost management measures.
PARTNERSHIPS: New integrations with wealth management platforms announced.
DATA: Increased subscriptions and mentions of Forge Data as a source.

Not So Well

VOLUME: Trading volume remains below peak levels, showing market fragility.
MARGINS: Gross margins are still pressured by high fixed operational costs.
GUIDANCE: Cautious forward-looking guidance reflects macroeconomic uncertainty.
RECURRING: Non-transactional revenue is growing but still a small % of total.
STOCK: Share price continues to be volatile and underperform indices.

Learnings

DIVERSIFICATION: Revenue diversification is key to weathering market cycles.
EFFICIENCY: Sustainable profitability requires structural cost reduction.
MACRO: The business is highly sensitive to the Fed's interest rate policy.
DATA: The Forge Data asset is under-monetized and has huge potential.
PLATFORM: Clients value the integrated platform (trade, custody, data).

Action Items

COSTS: Implement further automation to reduce manual processing costs.
DATA: Launch a new premium Forge Data subscription tier with more analytics.
SALES: Double down on enterprise sales to wealth management platforms.
INTERNATIONAL: Accelerate go-to-market plans for Europe and Asia.
PRODUCT: Pilot an AI-powered tool for indicative valuations for clients.

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Organization	SWOT Analysis	OKR Plan	Top 6	Retrospective

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Forge Global Market

AI-Powered Insights

Claude

Gemini

GPT

Forge Global Q1 2024 Earnings Report & Transcript
Forge Global Investor Relations Website (forgeglobal.com/investor-relations)
SEC Filings (10-K, 10-Q) for Forge Global Holdings, Inc.
Public financial data from Yahoo Finance for FRGE
Industry reports on private market growth and fintech trends

Founded: 2014, as Equidate
Market Share: Leading share in secondary trading for top-tier US unicorns.
Customer Base: Accredited investors, institutions, unicorn employees, VC funds.
Category:
Financial Technology
SIC Code: 6211 Security Brokers, Dealers, and Flotation Companies
NAICS Code: 523110 Finance and InsuranceT
Location: San Francisco, California
Zip Code: 94104 San Francisco, California
Congressional District: CA-11 SAN FRANCISCO
Employees: 400

Competitors

Nasdaq Private Market Request Analysis

Carta View Analysis

EquityZen Request Analysis

Securitize Request Analysis

Zanbato Request Analysis

Products & Services

No products or services data available

Distribution Channels

Forge Global Business Model Analysis

AI-Powered Insights

Claude

Gemini

GPT

Forge Global Q1 2024 Earnings Report & Transcript
Forge Global Investor Relations Website (forgeglobal.com/investor-relations)
SEC Filings (10-K, 10-Q) for Forge Global Holdings, Inc.
Public financial data from Yahoo Finance for FRGE
Industry reports on private market growth and fintech trends

Problem

Private company equity is highly illiquid.
Valuation of private stock is opaque.
Private transactions are complex, risky.

Solution

A trusted marketplace for private stock.
Proprietary data for price discovery.
End-to-end transaction platform.

Key Metrics

Marketplace Transaction Volume
Recurring Revenue (Data & Custody)
Number of Active Institutional Clients

Unique

Largest dataset of secondary transactions.
Integrated custody and settlement services.
Leading brand for private market liquidity.

Advantage

Defensible data moat and network effects.
Regulatory and compliance expertise.
Trusted relationships with VCs and unicorns.

Channels

Direct sales to institutions and companies.
Partnerships with wealth management firms.
Self-service digital platform for investors.

Customer Segments

Accredited & institutional investors.
Employees and executives of private firms.
Venture capital and private equity funds.

Costs

Employee compensation (sales, engineering).
Technology infrastructure and development.
Compliance, legal, and regulatory overhead.

Forge Global Product Market Fit Analysis

Updated: October 4, 2025

Forge Global is the operating system for the private market. It provides exclusive access to pre-IPO equity, empowers decisions with proprietary data, and delivers crucial liquidity to shareholders long before an exit. This unlocks value for the entire innovation economy, from founders to the world's largest institutional investors, creating a more dynamic and accessible market for all.

ACCESS: Unlock exclusive private market investment opportunities.

DATA: Make informed decisions with our proprietary valuation data.

LIQUIDITY: Provide early exit options for employees and investors.

Before State

Private stock is illiquid and locked up
Opaque, inconsistent company valuations
Complex, high-friction transactions

After State

Early liquidity for builders & investors
Data-driven, transparent pricing
Streamlined, compliant transactions

Negative Impacts

Lost opportunities for wealth creation
High risk due to lack of information
Employee talent retention challenges

Positive Outcomes

Democratized access to private markets
Efficient capital allocation in economy
Improved employee financial wellness

Key Metrics

Customer Retention Rates

>80% for active institutional clients.

Net Promoter Score (NPS)

Estimated 45-55 among core users.

User Growth Rate

Varies with market conditions; high during bull markets.

Customer Feedback/Reviews

4.2/5 stars on G2 from ~30 reviews.

Repeat Purchase Rates

High among institutional investors; >60%.

Requirements

Trusted, centralized marketplace
Robust regulatory compliance framework
Actionable data and market insights

Why Forge Global

Unified trading and custody platform
Forge Data suite for valuation insights
Expertise in complex transactions

Forge Global Competitive Advantage

Unmatched proprietary transaction data
Network effects of buyers and sellers
Decade of regulatory and ops expertise

Proof Points

Over $13B in transaction volume to date
Trusted by top global financial firms
Primary data source for private markets

Forge Global Market Positioning

AI-Powered Insights

Claude

Gemini

GPT

Forge Global Q1 2024 Earnings Report & Transcript
Forge Global Investor Relations Website (forgeglobal.com/investor-relations)
SEC Filings (10-K, 10-Q) for Forge Global Holdings, Inc.
Public financial data from Yahoo Finance for FRGE
Industry reports on private market growth and fintech trends

Strategic pillars derived from our vision-focused SWOT analysis

Dominate private market secondary trading.

Become the indispensable source for private market data.

Expand custody and compliance infrastructure globally.

Embed Forge into wealth and cap table platforms.

What You Do

A marketplace for buying and selling stock in private companies.

Target Market

Investors, employees, and founders of high-growth private firms.

Differentiation

Proprietary market data and valuation tools.
Integrated custody and settlement services.
Leading brand recognition and trust.

Revenue Streams

Trading commissions and fees
Data subscriptions
Custody and administration fees

Forge Global Operations and Technology

AI-Powered Insights

Claude

Gemini

GPT

Forge Global Q1 2024 Earnings Report & Transcript
Forge Global Investor Relations Website (forgeglobal.com/investor-relations)
SEC Filings (10-K, 10-Q) for Forge Global Holdings, Inc.
Public financial data from Yahoo Finance for FRGE
Industry reports on private market growth and fintech trends

Company Operations

Organizational Structure: Functional structure with business units for Markets, Data, and Trust.
Supply Chain: Sources private company shares from employees, early investors, and VCs.
Tech Patents: Focus on trade secrets and proprietary platform architecture.
Website: https://forgeglobal.com/

Top Clients

Board Members

Forge Global Competitive Forces

Threat of New Entry

MODERATE: Regulatory hurdles and the need for a critical mass of buyers/sellers are high barriers, but well-funded entrants are a risk.

Supplier Power

MODERATE: 'Suppliers' (shareholders) are fragmented, but high-value unicorn shares can be scarce, giving sellers some pricing power.

Buyer Power

MODERATE: Large institutional buyers can negotiate on fees, but the fragmented nature of the investor base limits overall buyer power.

Threat of Substitution

LOW: No direct substitute for a compliant secondary market exists. Alternatives like company-led tenders are infrequent and controlled.

Competitive Rivalry

MODERATE: High competition from Nasdaq Private Market & CartaX, but Forge has a strong brand and data lead. Several smaller players exist.

Analysis of AI Strategy

Updated: October 4, 2025 • 2025-Q4 Analysis

The Forge Global AI SWOT Analysis underscores a pivotal opportunity. Forge's unparalleled proprietary dataset is the ultimate unfair advantage in the AI era; it's the fuel for building industry-defining models for valuation and liquidity matching. However, this potential is currently capped by internal weaknesses in talent and infrastructure. The strategic imperative is clear: transform from a data-rich company into a data-intelligent one. The priorities—focusing on AI for valuation, operational efficiency, and intelligent matching—are precisely the right levers. Successfully executing this AI strategy is not merely an incremental improvement; it is the definitive path to creating an unassailable data moat and realizing the company's vision of becoming the true operating system for the private market.

Nasdaq Private Market Carta EquityZen Securitize Zanbato

No past cycles

Mission & Vision SWOT Analysis OKR Plan Retrospective AI Strategy Data Acquisition

To create an accessible private market by being its core operating system.

Strengths

DATA: Largest proprietary dataset of private secondary transactions.
EXPERTISE: Deep domain knowledge to guide AI model development/training.
WORKFLOWS: Existing transaction workflows are prime for AI automation.
CUSTOMERS: Access to sophisticated financial firms to test AI products.
TRUST: Brand trust is crucial for adoption of AI-driven financial tools.

Weaknesses

TALENT: Limited in-house AI/ML engineering and data science talent.
INFRASTRUCTURE: Legacy tech stack may hinder rapid AI model deployment.
DATA QUALITY: Inconsistent or unstructured historical data challenges.
CULTURE: Sales-driven culture may be slow to adopt data-science mindset.
INVESTMENT: Lack of profitability may constrain necessary R&D spending.

Opportunities

VALUATION: AI-powered models to provide real-time private valuations.
MATCHING: Intelligent engine to match buyers and sellers algorithmically.
COMPLIANCE: AI to automate KYC/AML checks and regulatory reporting.
INSIGHTS: Predictive analytics on market trends from Forge Data.
EFFICIENCY: GenAI to automate creation of deal docs and marketing materials.

Threats

COMPETITORS: Well-funded competitors could build superior AI tools faster.
BIAS: Risk of biased AI models leading to inaccurate valuations or risk.
SECURITY: AI systems present a new, attractive target for cyberattacks.
GARBAGE-IN: Poor data quality leading to flawed AI-driven insights.
DISRUPTION: A new AI-native competitor entering the market with low costs.

Key Priorities

VALUATION: Deploy AI-driven valuation models to enhance Forge Data.
EFFICIENCY: Automate 30% of manual back-office tasks with AI tools.
MATCHING: Develop an AI-powered buyer/seller matching prototype.
TALENT: Hire a core team of AI/ML engineers and data scientists.

Create professional SWOT analyses in minutes with our AI template. Get insights that drive real results.

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Forge Global Financial Performance

AI-Powered Insights

Claude

Gemini

GPT

Forge Global Q1 2024 Earnings Report & Transcript
Forge Global Investor Relations Website (forgeglobal.com/investor-relations)
SEC Filings (10-K, 10-Q) for Forge Global Holdings, Inc.
Public financial data from Yahoo Finance for FRGE
Industry reports on private market growth and fintech trends

Profit: Net Loss (FY 2023): -$175.7 million

Market Cap: $250 Million (as of late 2024)

Stock Performance

Annual Report: Available on Forge's investor relations website and via SEC EDGAR.

Debt: Minimal long-term debt reported in recent filings.

ROI Impact: Path to profitability depends on increased trading volume and cost management.

SWOT Index

Composite strategic assessment with 10-year outlook

/ 100

Category Leader

ICM Index

STRATEGIC ADVISOR ASSESSMENT

Forge Global has a societally ambitious vision with a clear path to execution, reflected in its OKRs addressing key weaknesses. However, significant downside risk from market volatility and unprofitability currently tempers its high potential. The company's unique dataset provides a massive AI leverage opportunity. Achieving profitability and diversifying revenue are the critical variables that will unlock its growth potential. The current score reflects a category leader under significant pressure to prove its economic model.

SWOT Factors

Upside: 74.0 Risk: 80.0

OKR Impact

AI Leverage

Top 3 Strategic Levers

DIVERSIFY: Aggressively scale recurring data/custody revenue

AUTOMATE: Radically reduce transaction costs via AI/automation

PROFITABILITY: Execute a clear, time-bound path to profitability

AI Disclosure

This report was created using the Alignment Method—our proprietary process for guiding AI to reveal how it interprets your business and industry. These insights are for informational purposes only and do not constitute financial, legal, tax, or investment advice.

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