Schwab’s $660M Forge Global Acquisition Reshapes Access to Private Markets

Schwab’s Bold Move: Why Private Markets Are Front and Center

In an announcement that has reverberated across Wall Street, Charles Schwab unveiled plans to acquire Forge Global Holdings for $660 million. The deal—one of Schwab’s most significant in recent years—sets the stage for a seismic shift in how everyday investors, registered investment advisors (RIAs), and private companies engage with private markets. While the numbers are eye-catching, the underlying story is about access, liquidity, and the evolution of investing itself.

Schwab’s offer—$45 per share, a 72% premium over Forge’s last closing price—sparked an immediate surge in Forge Global’s stock, which jumped more than 65% in premarket trading. For Forge Global, a fintech platform that has facilitated over $17 billion in private company share trades, the acquisition offers both validation and transformation. But the real impact reaches far beyond the immediate players.

Why Schwab Wants Forge: The Changing Landscape of Private Investment

Private markets are no longer the exclusive playground of venture capitalists and institutional investors. Increasingly, retail investors and RIAs are looking for ways to participate in the growth stories of companies that choose to stay private longer. The rise of mega-startups—like OpenAI, SpaceX, and Bytedance, whose valuations now rival S&P 500 giants—has made access to pre-IPO shares a coveted opportunity.

Schwab’s acquisition of Forge is a direct response to this demand. According to Schwab, private wealth allocated to alternative asset classes is expected to balloon from $4 trillion today to $13 trillion by 2032. By integrating Forge’s platform, Schwab aims to lower the barriers to entry, allowing more investors to tap into the innovation economy before these companies hit the public market.

Kelly Rodriques, CEO of Forge, described the deal as a game-changer: “With Schwab’s reach and Forge’s solutions, private companies will gain access to liquidity and new growth options from an expanded market of qualified retail investors, while investors will gain new ways to invest in the innovation economy.”

Market Reactions and Competitive Landscape

The market’s response was immediate and intense. Forge Global’s stock soared, with more than 677,000 shares changing hands—far above the three-month daily average of 106,000 units. The excitement wasn’t just about price; it was about the future of investment itself.

Schwab’s move comes hot on the heels of Morgan Stanley’s agreement to acquire EquityZen, another private shares platform, highlighting a broader trend: major financial institutions are racing to provide clients with more pathways into private markets. Goldman Sachs, too, has made moves to deepen its alternative investment offerings.

This competitive push is more than a flurry of dealmaking. It reflects a structural shift in the financial industry, as the number of public companies in the U.S. has declined and successful startups are increasingly choosing to stay private. For investors, the lines between public and private markets are blurring.

What’s Next for Schwab, Forge Global, and Investors?

For Schwab, which manages $11.6 trillion in client assets and serves over 46 million accounts, the Forge Global acquisition is both a strategic and symbolic move. It’s the first major deal under CEO Rick Wurster, who emphasized Schwab’s commitment to “deepen liquidity, improve transparency, and further democratize access” for investors.

The integration of Forge’s platform into Schwab’s expanding suite of alternative investment offerings is expected to bring direct access to private securities, complementing services like Schwab Alternative Investments Select—currently aimed at retail clients with more than $5 million in household assets. In addition, Forge is preparing to launch interval funds, designed to make private market exposure more accessible.

But execution matters. The deal is backed by Forge’s largest shareholders, Motive Capital and Deutsche Börse, and supported by both companies’ boards. It’s slated to close in the first half of 2026, pending regulatory and shareholder approval. The financial industry will be watching closely as Schwab and Forge attempt to deliver on the promise of making private markets “work better for everyone.”

Implications: Democratizing Private Markets or Raising New Questions?

As Schwab steps further into private markets, questions arise about transparency, risk, and the nature of access. Private investments are historically opaque, illiquid, and reserved for those able to bear significant risk. Schwab’s scale could bring new scrutiny—and potentially new standards—to how these markets operate.

The move also highlights a philosophical shift. Where investing in public companies was once the main avenue for wealth creation, the door to pre-IPO investing is opening wider. Schwab and Forge are betting that retail investors want a piece of the action—and that technology can make it possible.

As Wall Street giants like Morgan Stanley and Goldman Sachs join the race, the competition to democratize private assets is intensifying. The White House, Silicon Valley, and major brokerages are united—at least in rhetoric—on the need to broaden access. Whether the reality matches the promise will depend on execution, regulation, and investor education.

Schwab’s acquisition of Forge Global stands as a watershed moment in the evolution of private market investing. While the promise of democratized access is compelling, the transition will require careful oversight and ongoing adaptation to ensure that opportunity does not come at the expense of transparency and investor protection. As the boundaries between public and private markets continue to blur, the true impact of this deal will be measured by how well Schwab, Forge, and their peers balance innovation with responsibility.