Schwab Acquires Forge Global for $660M to Expand Private Markets

Charles Schwab has taken a bold step into the private markets, agreeing to acquire private shares platform Forge Global for $660 million. The deal comes as investors increasingly seek access to high-growth companies before they go public, signaling a shift in how Wall Street caters to early-stage opportunities.

Forge Global, which went public in 2021 through a blank-check deal, operates a marketplace where investors have traded over $17 billion in private company shares. Under the agreement, Schwab will pay $45 per share—a premium of roughly 72% over Forge’s last closing price—sending its stock soaring 67% in morning trading.

The acquisition reflects a broader trend: companies are staying private longer, and financial institutions are moving to provide liquidity and access to pre-IPO shares. Firms like OpenAI, SpaceX, and Bytedance now hold valuations rivaling major S&P 500 companies, highlighting the growing influence of the private market.

Schwab, with a market capitalization of $170 billion and $11.6 trillion in client assets under management, positions itself to tap into this fast-growing investor demand. Analysts see the deal as accelerating new product offerings while mitigating concerns over share dilution.

The acquisition is expected to close in the first half of 2026, with J.P. Morgan Securities advising Schwab and Financial Technology Partners guiding Forge’s special committee.

As private market activity continues to rise, Schwab’s move underscores the increasing convergence of public and private investing, opening new avenues for investors to participate in the next generation of high-growth companies.