Buy-side IOIs made up 43.5% of total IOIs on the Forge marketplace in September, their lowest share in roughly two years.
The four-month decline reflects increasing sell-side participation and a changing balance between liquidity supply and buyer demand.
The four-month decline reflects increasing sell-side participation and a changing balance between liquidity supply and buyer demand.
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Buy-side IOI activity has hit a two-year low after a historic run.
After reaching 71.4% in May 2026, the percentage of buy-side IOIs has decreased for four consecutive months, hitting 43.5% in September 2026.
Explore more: forgeglobal.pulse.ly/4g6jy4eswe
After reaching 71.4% in May 2026, the percentage of buy-side IOIs has decreased for four consecutive months, hitting 43.5% in September 2026.
Explore more: forgeglobal.pulse.ly/4g6jy4eswe
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1/2: A $20 billion valuation is a significant milestone in the private markets, but it doesn’t necessarily mark a peak.
Since early August 2026, five companies have reached this threshold: @Kalshi, @CrusoeAI, @reflection_ai, @DevotedHealth, and @Whatnot.
Since early August 2026, five companies have reached this threshold: @Kalshi, @CrusoeAI, @reflection_ai, @DevotedHealth, and @Whatnot.
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2/2: According to Forge Data, 28 of the 40 companies Forge tracks that have reached valuations of $20 billion or more have maintained that level in their latest funding round or exited at a higher valuation.
Read more: forgeglobal.com/insights/priva…
Read more: forgeglobal.com/insights/priva…
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1/2: A $20 billion valuation doesn't have to be the peak.
In the October Private Market Update, Forge finds 70% of tracked companies valued at $20B+ maintained that valuation in their latest funding round or exited higher.
In the October Private Market Update, Forge finds 70% of tracked companies valued at $20B+ maintained that valuation in their latest funding round or exited higher.
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2/2: Meanwhile, September returns were positive, and secondary pricing softened as leverage shifted toward buyers.
Read more: forgeglobal.com/insights/priva…
Read more: forgeglobal.com/insights/priva…
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VC-backed IPOs excluding life sciences fell from 10 in Q3 2025 to two in Q3 2026.
The broader trend: With few exceptions, IPO activity has remained subdued since 2021.
Download the full Forge Investment Outlook Q4 2026 for more insights: forgeglobal.pulse.ly/ka3mwhwmri
The broader trend: With few exceptions, IPO activity has remained subdued since 2021.
Download the full Forge Investment Outlook Q4 2026 for more insights: forgeglobal.pulse.ly/ka3mwhwmri
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1/3: The 2026 IPO market started with momentum, but macroeconomic realities are beginning to creep in.
After a promising start with @BitGo and @EquipmentShare, followed by @cerebras and SpaceX, the market has slowed. @limebike’s July 1 debut was the most recent VC-backed IPO.
After a promising start with @BitGo and @EquipmentShare, followed by @cerebras and SpaceX, the market has slowed. @limebike’s July 1 debut was the most recent VC-backed IPO.
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2/3: Meanwhile, AI continues to dominate private-market capital flows, while traditional software companies face pressure amid lower valuations. Rising interest rates, national debt, and AI infrastructure investment could further constrain access to capital.
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3/3: Download the full Q4 2026 Forge Investment Outlook: forgeglobal.com/insights/forge…
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1/2: STARTUP TRENDS: @CrusoeAI, @cognition, @FireworksAI_HQ, @tenstorrent, and Hadrian are 5 companies listed on the Forge marketplace that recorded some of the largest funding rounds of Q3 2026, alongside recent developments and valuation data.
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2/2: Read the full breakdown for a closer look at these companies and their recent funding activity: forgeglobal.com/insights/start…
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1/2: M&A can offer insight into how private companies are positioning for their next phase of growth.
Q3 saw several notable transactions involving companies featured on the Forge marketplace.
Q3 saw several notable transactions involving companies featured on the Forge marketplace.
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2/2:
🟠 @stripe agreed to acquire @OpenRouter
🟠 @OpenAI reportedly acquired @GlassImaging
🟠 @SeismicSys completed its merger with @Highspot
Read more: forgeglobal.com/insights/start…
🟠 @stripe agreed to acquire @OpenRouter
🟠 @OpenAI reportedly acquired @GlassImaging
🟠 @SeismicSys completed its merger with @Highspot
Read more: forgeglobal.com/insights/start…
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1/2: Before a private company goes public, there can be signals that it’s getting closer to the public markets.
@FalconXGlobal, @krakenfx, @OpenAI, @AnthropicAI, and @discord have each been linked to confidential IPO filings.
@FalconXGlobal, @krakenfx, @OpenAI, @AnthropicAI, and @discord have each been linked to confidential IPO filings.
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2/2: A filing doesn’t guarantee a listing, but it’s a milestone worth watching for private-market investors.
Read more: forgeglobal.com/insights/start…
Read more: forgeglobal.com/insights/start…
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Companies that have not raised capital since 2021 or 2022 have the highest discounts to their last-round valuations, according to Forge data.
The data points to a backlog of companies from this era potentially stuck in limbo, unable to go public or raise additional capital.
The data points to a backlog of companies from this era potentially stuck in limbo, unable to go public or raise additional capital.
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Forge's September Private Market Update highlights just how far some private-market valuations have reset.
Across 112 companies traded on the Forge marketplace that last raised in 2021 or Q1 2022, the average Forge Price discount is 49%, with a median of 61%.
Across 112 companies traded on the Forge marketplace that last raised in 2021 or Q1 2022, the average Forge Price discount is 49%, with a median of 61%.
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