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Insights

August Highlights: AI leads, while other sectors realign

By Andrew Alden, CFA
Artificial Intelligence

August brought brisk movement in the private market, featuring standout performances and significant shifts across key sectors.

  • The Forge Private Market Index (FPMI), ended the month of August at +6.1%

  • The Forge Accuidity Private Market Index (FAPMI) ended the same month at -5.5%

The FPMI and FAPMI are broad-based indices for benchmarking and tracking, respectively, that reflect the health and performance of the private markets as a whole. The FPMI reflects the up-to-date performance and pricing activity of venture-based, late-stage companies that are actively traded on the Forge platform. The FAPMI was developed for the Accuidity Megacorn Fund to track, and comprises of 60 privately held, late-stage venture-based US companies.

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AI (+15.3%) led the thematic performance breakdown

The positive performance of the FPMI was driven by Anthropic’s announcement that it secured a massive $13 billion in a Series F funding round, which boosted its post-money valuation to $183 billion. The funding round is notable, as it’s the AI development company’s largest capital raise and valuation to date. Anthropic’s Forge Price™ ended the month at $162.15 or +175%.

Further contributing to a strong FPMI was data solutions firm Lambda AI, which saw a +102% increase in its Forge Price™ at $41.84 for the month of August. News reports last month indicated the California-based tech company is in talks to raise a new funding round with a valuation as high as $5 billion. This potential capital haul signals strong investor appetite for Lambda AI and firms like it that specialize in AI-enabled data and cloud solutions.1

Post-IPO movements pull down the FAPMI

The FAPMI, by contrast, saw declines last month from post-IPO movements as it holds public company shares through the lock-up period. Design software company Figma (NYSE: FIG) pulled –4.0% from the FAPMI’s August performance after its public stock price slipped -39% at month’s end following its high-profile July debut.2

Meanwhile, financial services company Circle (NYSE: CRCL) pulled -2.1% on the FAPMI’s monthly performance, partially due to its post-IPO secondary, which experienced recent declines following its first few months as a public company. The New York City-based company is amid a secondary share offering while also experiencing some investor pullback due to potential interest rate cuts in the near term.3 The Forge fintech thematic basket dropped 6.4% due in part to Circle’s August performance. Circle’s public stock price ended the month at –31%.4

 

Andrew Alden, CFA is Forge’s VP of Quantitative Research. These insights and more are provided monthly on LinkedIn.

1 Bloomberg, 08/14/2025

2 Yahoo Finance at 08/29/25 close

3 Yahoo Finance, 08/12/2025 

4 Yahoo Finance at 08/29/25 close

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About the Author

Andrew Alden, CFA, previously worked as the CIO of Semantiqa and as the Head of Quantitative Research at WeatherStorm Capital. With skills in asset and portfolio management, he brings a wealth of knowledge to his director role at Forge. Andrew has a Master of Financial Engineering from Haas School of Business, CA.

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The Forge thematic baskets are currently composed of companies identified pursuant to Forge’s internal taxonomy. While Forge believes the taxonomy it currently applies is reasonable based on information collected and analyzed by Forge, this taxonomy may be updated from time to time to reflect new information and trends. Accordingly, the performance of this basket may not be comparable to prior or future periods.

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