Charles Schwab announced a definitive agreement to acquire Forge Global Holdings, Inc. for approximately $660 million, paying $45 in cash per share. The purchase represents a 72% premium to Forge’s last closing price and will make Forge a wholly owned subsidiary of Schwab, with an expected closing in the first half of 2026.
The deal expands Schwab’s alternative‑asset offering by adding a leading private‑market trading platform and data services. Private‑market exposure is projected to grow from $4 trillion to $13 trillion by 2032, and the acquisition positions Schwab to capture a share of that expanding opportunity.
Forge’s recent financial performance provides context for the valuation. In Q2 2025, the company generated $27.6 million in revenue and reported an adjusted EBITDA loss of $5.4 million, an improvement over the $8.9 million loss reported in Q1 2025. The fiscal year 2024 revenue was $78.7 million with a net loss of $66.3 million. Analysts expect the Q3 2025 earnings to show a consensus EPS of –$1.03 and revenue of $25.5 million, underscoring the company’s ongoing path to profitability.
Management emphasized the strategic fit. Rick Wurster, Schwab’s president and CEO, said the acquisition “builds on more than half a century of Schwab innovating on behalf of investors” and will deepen liquidity and transparency in private markets. Kelly Rodriques, Forge’s CEO, added that the combination will “transform how the private market works” by leveraging Schwab’s reach and Forge’s technology.
The transaction is supported by major stockholders Motive Capital and Deutsche Börse, and both companies have engaged legal and financial advisors to facilitate the deal.
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