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The Forge Private Market Index: January 2026 rebalance

By Shane Larkin

Key Takeaways

  • The Forge Private Market Index (FPMI) added thirteen companies and removed ten during its January 2026 rebalance, including decacorn additions like Neuralink, Thinking Machines Lab, and Polymarket.

  • Sector allocations shifted modestly with Enterprise Software exposure declining 6.5% while Fintech increased 4.5%, reflecting evolving liquidity in the private market.

  • The rebalancing process prioritizes companies meeting specific liquidity thresholds based on trading activity, ensuring the index accurately represents current private market dynamics.

Overview

FPMI completed its annual rebalance on January 1, 2026. As part of this process, thirteen companies were added to the index and ten were removed, reflecting changes in trading activity and index eligibility criteria within the private market.

The Details

A core objective of the rebalance is to select constituents that meet defined liquidity thresholds based on trading activity. This criterion helps align FPMI with companies that are actively traded on the Forge Marketplace, reinforcing the index’s role as a practical barometer of private market pricing and performance.

Selected additions

  • Thinking Machines Lab: An artificial intelligence (AI) research company founded by the former CTO of OpenAI in 2025. Forge Price valuation $13.0 billion.
  • Polymarket: A blockchain-based prediction market founded in 2020 by Shayne Coplan. Forge Price valuation $10.2 billion.
  • Neuralink: A neurotechnology company developing brain–computer interfaces to enable direct communication between the human brain and computers. Forge Price valuation $14.9 billion.
  • Apptronik: A developer of AI-powered humanoid robots, best known for its flagship model, Apollo. The company spun out of the University of Texas in 2016. Forge Price valuation $5.3 billion.

Full list of index changes

Additions Removals
Cresta 6sense
Airtable Attentive
Thinking Machines Lab Fanatics
Polymarket Figure AI
Mercury Rappi
Upgrade RigUp
Thrive Market Scale AI
Neuralink TAE Technologies
Flexport Vectra AI
Apptronik Workato
Ayar Labs  
Lightmatter  
Lyten  

Updated sector weights

The latest index additions and removals resulted in meaningful shifts across sector allocations. The most notable changes were a 6.5% reduction in Enterprise Software exposure and a 4.5% increase in Fintech. Collectively, these adjustments result in changes to sector diversification and are intended to support FPMI’s design as a timely measure of private market activity.

Sector Previous Weight New Weight Change
Consumer & Lifestyle 3.0% 2.0% -1.0%
Energy 4.8% 2.0% -2.8%
Enterprise Software 48.5% 42.0% -6.5%
Fintech 15.5% 20.0% 4.5%
FoodTech 3.2% 6.0% 2.8%
Healthcare 0.0% 2.0% 2.0%
Industrial 16.2% 14.0% -2.2%
Technology Hardware 4.7% 8.0% 3.3%
Transportation 4.1% 4.0% -0.1%

About FPMI

FPMI is a broad-based, equal-weighted index designed to reflect the overall health and performance of the private market. By capturing current pricing and trading activity among venture-backed, late-stage companies on the Forge Marketplace, the index provides a timely and transparent view into an otherwise opaque asset class.

Conclusion

The January 2026 FPMI rebalance reflects the dynamic nature of private market activity, with thirteen strategic additions including Neuralink and Thinking Machines Lab driving notable sector shifts—particularly the 6.5% reduction in Enterprise Software and 4.5% increase in Fintech exposure. These changes underscore how liquidity-based selection criteria combined with methodology ensure the index captures the current environment of the private market. For those new to private market investing, creating an account provides access to these evolving opportunities, while existing users can log in to explore detailed pricing across these newly added companies. 

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About the Author

Shane Larkin is a private market investment leader with extensive experience in private and public markets, combining a strong analytical foundation with a background in engineering and business. He has conducted in-depth due diligence across a range of sectors, leveraging his expertise in financial modeling, data analysis and market research. Shane holds an MBA from Cornell Johnson Graduate School of Management. Read more from Shane.

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