Episode summary
Forge Global CEO Kelly Rodriques on SpaceX and the IPO Outlook | Bloomberg Businessweek
Bloomberg Businessweek Daily
· · 10 min · Hosts: Carol Massar, Tim Stenovec · Guests: Kelly Rodriques
Summary
Forge Global’s Kelly Rodriques argued that private markets are moving mainstream as investors increasingly want access to high-growth private companies before an IPO. He said recent Forge data shows strong performance in sectors like AI, defense and aerospace, and fintech, with demand especially intense for the hottest names because supply of shares is limited.
Rodriques said the Schwab deal, expected to close in the first half of 2026, fits Forge’s original mission of expanding access beyond institutions and the wealthy. He added that Schwab’s broader investor base could materially deepen the private-market pool, changing the supply-and-demand dynamics by bringing in more capital from retail investors as well as balance-sheet buyers.
He also highlighted Davos conversations centered on AI and noted that SpaceX remains one of Forge’s top-traded private names. Looking ahead, he said Forge will soon launch a nonaccredited interval fund with 60 of the biggest private companies and a $2,500 minimum, giving more investors exposure to private-market leaders while still providing quarterly liquidity.
Key takeaways
- Kelly Rodriques said AI, defense and aerospace, and fintech are the hottest private-market sectors, with some names seeing demand far outstrip supply.
- Rodriques said Schwab’s acquisition of Forge, expected to close in the first half of 2026, should broaden access to private markets.
- Rodriques said Forge will launch a nonaccredited interval fund with 60 major private companies and a $2,500 minimum.
- Rodriques said SpaceX is one of Forge’s top-traded names and has been sought after for the last five years.
- Rodriques argued that more investor participation will deepen liquidity and change private-market supply dynamics.
Notable quotes
“the private markets, which have historically been thought of as an alternative asset class, are really going mainstream now”
“The number two sector is defense and aerospace and it was up 140% this year”
“SpaceX and the big AI names are the top names that trade at Forge”
“If AI companies can raise that much money privately, why are they going public”
“the first nonacredited index fund that's got 60 of the biggest private companies in AI, fintech, all the sectors at $2,500 minimums for nonacredited investors”
How the episode opens
Bloomberg Audio Studios podcasts, radio, news. — You're listening to Bloomberg Business Week with Carol Masser and Tim Stenc on Bloomberg Radio.
SpaceX moving forward with an insider share sale that values it at about $800 billion. Bloomberg News reported that in December. Private markets, how much these companies are valued, very much of interest to investors.
We spoke about this with uh Rick Worster, the CEO of Charles Schwab yesterday. He weighed in on it. In that conversation with us, he discussed the acquisition of Forge Global, a marketplace for buying and selling shares of private companies.
Reminder, Schwab agreed to buy Forge back in November for $660 million. And our Forge acquisition was really about democratizing investments and alternatives. We're now going to be able to bring it to all of our investors in multiple different forms and allow them to participate in private markets the way institutions and and the very wealthy have been able to.
And we're we're thrilled to bridge that gap and and excited for what that could mean for our clients wealth.
That was Charles Schwabio Rick Worster uh speaking yesterday with us here on Bloomberg Business Week Daily. Back with us, Kelly Rodriguez, CEO of Forge Global. Kelly joins us from the World Economic Forum in Davos.
Kelly, I want to get to Davos in in just a second, but Rick's comment uh to you and to all of us about what Forge is going to bring to Charles Schwab. He's been talking about the acquisition. How do you see yourself, how do you see your company fitting into Schwab?
So, it it's a really interesting time in the market. Uh the private markets, which have historically been thought of as an alternative asset class, are really going mainstream now.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- space ipo
- private market performance
- investment banking fees
- 2026 ipo outlook
- market infrastructure
Companies and tickers mentioned
- SCHW
- BAC
- GS
- JPM
- MS
- SpaceX
- Forge Global
- Charles Schwab
- Bank of America
- Goldman Sachs Group
- JPMorgan Chase
- Morgan Stanley
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Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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