Forge's September Private Market Update highlights just how far some private-market valuations have reset. Across 112 companies traded on the Forge marketplace that last raised in 2021 or Q1 2022, the average Forge Price discount is 49%, with a median of 61%.

1/3: The Great Reset is entering a new phase. Newly public @bendingspoons has emerged as a buyer of once highflying technology businesses @airtable and @MiroHQ at deeply discounted valuations from their last funding rounds.

2/3: In August, private market performance trailed the public market. Public companies bounced back from a tough July, helping the FAPMI gain 5.1%, while the FPMI, which includes only private companies, decreased 0.6%.

1/2: Two of AI’s biggest names are moving toward the public markets. @OpenAI and @AnthropicAI have both confidentially submitted draft registration statements to the SEC.

1/2: @Kalshi and @Polymarket are emerging as two of the category’s most closely watched private companies in events-based trading. Investor interest in the category is reflected in the valuations of both of these companies.

1/2: The race to the public markets is heating up for #AI’s biggest private companies. @OpenAI’s Forge Price implies a ~$894B valuation, while reports suggest an IPO could push it toward $1T.

1/2: Two years can change a company’s valuation dramatically. Forge Price™ data shows substantial gains for @AnthropicAI, @OpenAI, @databricks and @Stripe over the past two years, all before going public.

1/2: The unicorn ranks are growing. @UseCorgi, @allencontrol, @WisprFlow and @RogoAI recently crossed the $1B valuation threshold.

1/1: July highlighted a clear divergence in private market performance. The FPMI rose 9.3%, while the FAPMI fell -4.2% as SpaceX weighed on the benchmark. The difference reflected outsized moves among private companies, with SpaceX (-36.6%) pulling the cap-weighted FAPMI lower.

1/2: The $100B milestone hasn’t changed. But for some companies, the path to reaching it has gotten shorter. Companies founded before 2011, including SpaceX and @stripe, took 16 years on average to reach $100B.

1/2: $10B was once a milestone. Now, $100B is within reach. What once took decades happened in roughly five years for today’s largest AI companies, including @AnthropicAI, @OpenAI and @xai. Meanwhile, July widened the gap between private and public market performance.