Company
Private-securities marketplace and data provider that publishes the monthly Private Market Update, the Forge Price mark and the FPMI/FAPMI indices.
OpenAI and Anthropic raised more than $200 billion of the record $515.8 billion invested in US startups through September, PitchBook-NVCA data shows. With IPOs slipping, a venture-backed vendor that exits is likelier to be sold, often below its last private price.
Reality
A three-week slip in the prospectus and a roadshow that could land days before the US midterms both sit downstream of a credit facility that has to close first, and of $90 billion in compute deals with a payment schedule that has not been disclosed.
Perspective Coverage
5 publishersReality
Listing talk near $2 trillion sits at about double the $965bn that Anthropic's last round set. The company has invalidated off-channel transfers of its stock, according to Crypto Briefing.
Reality
Investors approached OpenAI about a round at roughly $1.2 trillion, about 41% above the $852 billion it fetched in March. Sam Altman has ruled out a 2026 listing, so private buyers are the only ones pricing that markup.
Reality
Two vehicles raised days apart put $9.6bn behind AI, and the smaller one buys into a layer where a16z says rack power runs from 250 kilowatts today to a megawatt within three years. Supply, on the firm's own numbers, grows 20-30% a year.
Reality
Forge counts seven of twenty VC-backed debuts trading above their IPO price. Figma, up 250% on day one, is 84.3% below its first-day close.
Reality
Forge's data puts today's AI cohort at $100 billion in about five years, against 16 for the SpaceX generation. The listing increasingly looks like an exit for someone else.
Reality