December highlights: The private market continued to pull away from the public market
FPMI (+4.7%) and FAPMI (+5.7%) both decisively beat the public indices in December as QQQ (-0.7%) and SPY (+0.1%) did not end 2025 with strong finishes.





| Funding Date | Round | Amount Raised | Price Per Share | Post-Money Valuation 3 | Key Investors | |
|---|---|---|---|---|---|---|
| 01/14/2026 | Series G-1 | $500MM | $42.93 | $32.54B | Undisclosed Investors | |
|
Price Per Share
$42.93
Shares Outstanding
11,647,680
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
8.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
Undisclosed Investors
|
||||||
| 06/05/2025 | Series G | $2.5B | $40.88 | $30.5B | 2468 Ventures, Align Ventures, Altimeter Capital, Andreessen Horowitz, Baillie Gifford, BFA Global Investors, Cosmic Venture Partners, Craft Ventures, Deep Tech Fund Advisors, Fabrica Ventures, Factorial Funds, Founders Fund, Gaingels, Galdana Ventures, Gallery Ventures, Gestio Capital, Greycroft, Guindy Alumni Angels, Hypersonic Ventures, Ironarc Ventures, Jade Cove Partners, K5 Global, Koru Capital, Lux Capital, Malex Enterprises, Next Round Capital Partners, NVTBL Ventures, Overwatch Capital, OVTR VC, Pipeline Capital Partners, Pittco Management, Plus Capital, Rosecliff Venture Partners, Saga Ventures, Saraswati Ventures, Scifi Vc, Simple Capital Partners, Sparkwave Capital, Timber Grove Ventures, Unity Growth Fund, V12 Partners, Vu Venture Partners, Washington Harbour | |
|
Price Per Share
$40.88
Shares Outstanding
61,150,410
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
8.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
2468 Ventures, Align Ventures, Altimeter Capital, Andreessen Horowitz, Baillie Gifford, BFA Global Investors, Cosmic Venture Partners, Craft Ventures, Deep Tech Fund Advisors, Fabrica Ventures, Factorial Funds, Founders Fund, Gaingels, Galdana Ventures, Gallery Ventures, Gestio Capital, Greycroft, Guindy Alumni Angels, Hypersonic Ventures, Ironarc Ventures, Jade Cove Partners, K5 Global, Koru Capital, Lux Capital, Malex Enterprises, Next Round Capital Partners, NVTBL Ventures, Overwatch Capital, OVTR VC, Pipeline Capital Partners, Pittco Management, Plus Capital, Rosecliff Venture Partners, Saga Ventures, Saraswati Ventures, Scifi Vc, Simple Capital Partners, Sparkwave Capital, Timber Grove Ventures, Unity Growth Fund, V12 Partners, Vu Venture Partners, Washington Harbour
|
||||||
| 06/26/2024 | Series F | $1.12B | $21.74 | $14B | 1435 Capital Management, AJI Capital, Altimeter Capital, Altra Venture Partners, APL Ventures, Aurochs Capital Management, Baillie Gifford, Balerion Space Venture, Brave Capital, Counterpoint Global, Cursive Holdings, Dhuna Ventures, Fidelity, Founders Fund, Franklin Venture Partners, Gatsby Management, Hyperguap, In-Q-Tel, JAWS Estates Capital, JD Vance, JDY Capital, K5 Global, Mac Equity, Microventures, Newbrook Private Capital, Opulentia, Quiet Capital, Sands Capital, Silent Ventures, The Nucleus Network, Tides Ventures, Tyrian Ventures, Wormhole Capital | |
|
Price Per Share
$21.74
Shares Outstanding
51,333,663
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
8.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
1435 Capital Management, AJI Capital, Altimeter Capital, Altra Venture Partners, APL Ventures, Aurochs Capital Management, Baillie Gifford, Balerion Space Venture, Brave Capital, Counterpoint Global, Cursive Holdings, Dhuna Ventures, Fidelity, Founders Fund, Franklin Venture Partners, Gatsby Management, Hyperguap, In-Q-Tel, JAWS Estates Capital, JD Vance, JDY Capital, K5 Global, Mac Equity, Microventures, Newbrook Private Capital, Opulentia, Quiet Capital, Sands Capital, Silent Ventures, The Nucleus Network, Tides Ventures, Tyrian Ventures, Wormhole Capital
|
||||||
| 06/26/2024 | Series F-1 | $384.18MM | $17.39 | $14B | 1435 Capital Management, AJI Capital, Altimeter Capital, Altra Venture Partners, APL Ventures, Aurochs Capital Management, Baillie Gifford, Balerion Space Venture, Brave Capital, Counterpoint Global, Cursive Holdings, Dhuna Ventures, Fidelity, Founders Fund, Franklin Venture Partners, Gatsby Management, Hyperguap, In-Q-Tel, JAWS Estates Capital, JD Vance, JDY Capital, K5 Global, Mac Equity, Microventures, Newbrook Private Capital, Opulentia, Quiet Capital, Sands Capital, Silent Ventures, The Nucleus Network, Tides Ventures, Tyrian Ventures, Wormhole Capital | |
|
Price Per Share
$17.39
Shares Outstanding
22,092,936
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
8.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
1435 Capital Management, AJI Capital, Altimeter Capital, Altra Venture Partners, APL Ventures, Aurochs Capital Management, Baillie Gifford, Balerion Space Venture, Brave Capital, Counterpoint Global, Cursive Holdings, Dhuna Ventures, Fidelity, Founders Fund, Franklin Venture Partners, Gatsby Management, Hyperguap, In-Q-Tel, JAWS Estates Capital, JD Vance, JDY Capital, K5 Global, Mac Equity, Microventures, Newbrook Private Capital, Opulentia, Quiet Capital, Sands Capital, Silent Ventures, The Nucleus Network, Tides Ventures, Tyrian Ventures, Wormhole Capital
|
||||||
| 12/02/2022 | Series E | $1.48B | $16.52 | $8.48B | 8vc, Andreessen Horowitz, Dfj Growth, Elad Gil, Founders Fund, General Catalyst, Human Capital, Lachy Groom, Lightspeed Ventures, Lux Capital, Marlinspike, Mvp Ventures, Thrive Capital, Us Innovative Technology Fund, Valor Equity Partners, Wcm Investment Management | |
|
Price Per Share
$16.52
Shares Outstanding
89,417,664
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
8.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
8vc, Andreessen Horowitz, Dfj Growth, Elad Gil, Founders Fund, General Catalyst, Human Capital, Lachy Groom, Lightspeed Ventures, Lux Capital, Marlinspike, Mvp Ventures, Thrive Capital, Us Innovative Technology Fund, Valor Equity Partners, Wcm Investment Management
|
||||||
| 06/17/2021 | Series D | $580.33MM | $12.29 | $4.6B | 8vc, Andreessen Horowitz, D1 Capital Partners, Elad Gil, Founders Fund, General Catalyst, Lux Capital, Valor Equity Partners | |
|
Price Per Share
$12.29
Shares Outstanding
47,212,738
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
8.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
8vc, Andreessen Horowitz, D1 Capital Partners, Elad Gil, Founders Fund, General Catalyst, Lux Capital, Valor Equity Partners
|
||||||
| 07/01/2020 | Series C | $200MM | $5.93 | $1.92B | 8vc, Andreessen Horowitz, Formic Ventures, Founders Fund, General Catalyst, Human Capital, Liquid 2 Ventures, Lux Capital, Valor Equity Partners | |
|
Price Per Share
$5.93
Shares Outstanding
33,735,915
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
8.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
8vc, Andreessen Horowitz, Formic Ventures, Founders Fund, General Catalyst, Human Capital, Liquid 2 Ventures, Lux Capital, Valor Equity Partners
|
||||||
| 07/01/2020 | Series C-1 | $16.91MM | $4.74 | $1.92B | 8vc, Andreessen Horowitz, Formic Ventures, Founders Fund, General Catalyst, Human Capital, Liquid 2 Ventures, Lux Capital, Valor Equity Partners | |
|
Price Per Share
$4.74
Shares Outstanding
3,566,071
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
8.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
8vc, Andreessen Horowitz, Formic Ventures, Founders Fund, General Catalyst, Human Capital, Liquid 2 Ventures, Lux Capital, Valor Equity Partners
|
||||||
| 09/11/2019 | Series B | $122.72MM | $3.61 | $1.04B | Andreessen Horowitz, Founders Fund, Human Capital, Valor Equity Partners | |
|
Price Per Share
$3.61
Shares Outstanding
33,983,359
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
8.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
Andreessen Horowitz, Founders Fund, Human Capital, Valor Equity Partners
|
||||||
| 05/18/2018 | Series A | $41MM | $1.17 | $261.54MM | Founders Fund, Mark Vc | |
|
Price Per Share
$1.17
Shares Outstanding
34,932,691
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
8.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
Founders Fund, Mark Vc
|
||||||
| 07/28/2017 | Series Seed | $17.62MM | $0.55 | $88.12MM | 8vc, Anorak Ventures, Elementum Ventures, Founders Fund, General Catalyst, Lux Capital, Spark Capital, Sv Angel | |
|
Price Per Share
$0.55
Shares Outstanding
31,917,754
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
8.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
8vc, Anorak Ventures, Elementum Ventures, Founders Fund, General Catalyst, Lux Capital, Spark Capital, Sv Angel
|
||||||
FPMI (+4.7%) and FAPMI (+5.7%) both decisively beat the public indices in December as QQQ (-0.7%) and SPY (+0.1%) did not end 2025 with strong finishes.
| Trade Metrics | Last Funding Round | |||||||
|---|---|---|---|---|---|---|---|---|
| Company | Forge Price | Last Matched | Round | Post-Money Valuation 3 | Price Per Share | Amount Raised | ||
| Allen Control Systems | Not available | $xx.xx | Not available | -- | -- | -- | ||
| Blue Origin | Not available | $xx.xx | Not available | -- | -- | -- | ||
| Boom Supersonic | Not available | $xx.xx | Series B-1 | $1.5B | $1.20 | $243.57MM | ||
| DJI | Not available | $xx.xx | Not available | -- | -- | -- | ||
| Epirus | $2.79 -$0.10 (3.46%) | $xx.xx | Series D | $1B | $2.77 | $250MM | ||
| Relativity Space | Not available | $xx.xx | Series F | $5.86B | $22.67 | $1.05B | ||
| Saronic | $29.51 -$0.13 (0.44%) | $xx.xx | Series D | $9.25B | $27.45 | $1.5B | ||
| Shield AI | $164.51 +$10.90 (7.10%) | $xx.xx | Series G | $12.7B | $164.51 | $1.5B | ||
| Skydio | Not available | $xx.xx | Series F | $4.23B | $8.63 | $150MM | ||
| SpaceX | $603.54 +$0.44 (0.07%) | $xx.xx | Series N | $46.08B | $270.00 | $1.9B | ||
Updated on: Apr 14, 2026
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