Individual InvestorsEmployee Shareholders Institutional InvestorsPrivate Companies Accredited InvestorsSeed & Angel InvestorsAsset Managers & Hedge FundsFamily OfficesVenture Capital FirmsWealth Managers & RIAsWho We Serve Trading Data Liquidity Programs Retirement Individual InvestingForge MarketplaceFind new private company investment opportunities​Browse CompaniesInstitutional TradingForge ProTrade private companies with Forge’s institutional brokerage tool​Forge PriceA proprietary indicative price, calculated daily, for approximately 200 pre-IPO companiesForge DataAnalyze private markets via Forge’s intuitive web application​Forge Private Market Index​Monitor a benchmark for actively traded private companies ​Forge Accuidity Private Market Index​Invest in an institutionally-managed diversified basket of private companies (QPs only)​Liquidity ProgramsRetain and reward employees with company-sponsored liquidity solutions like tender offers and customized programsSelf-Directed IRAForge TrustInvest in private companies and other alternative assets through a tax-advantaged Self-Directed IRAWhat We Do All Insights Reports and highlights News and trends Private market education Tips and tutorials Forge Investment OutlookPrivate Market UpdatesIPO calendarPrivate Magnificent 7Emerging trendsPrivate company newsUpcoming IPOsPrivate market basicsPrivate shares transactionsValuations, pricing and market trendsSelling in the private marketFAQsGlossaryCompany page and tradesProof of ownershipBid and ask submissionsForge fund offeringsInsights About UsLeadershipInvestor RelationsPeople & CultureCareers About
Log InSign Up
Who We Serve
What We Do
Insights
About
Who We Serve
Individual Investors
Institutional Investors
What We Do
Trading
Individual Investing
Institutional Trading
Data
Liquidity Programs
Retirement
Self-Directed IRA
Insights
Reports and highlights
News and trends
Private market education
Tips and tutorials
About
Log In
Sign Up
Insights

October highlights: Aerospace & Defense once again edges out AI as indices outpace public market

By Andrew Alden, CFA
Private Market UpdatesArtificial Intelligence

Both Forge private market indices produced solid gains during the month of October.

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

Aerospace & Defense and AI led the private market higher

Following up its leading performance in September, the Forge Aerospace & Defense thematic basket (+10.7%) led the month of October as well. In a distance second place was the AI basket (+5.7%). Companies that drove positive performance:

  • Anduril upheld its title of “most coveted stock in the private markets”1 with a 25.2% increase during October. Shares saw demand but the Forge PriceTM increase was not fueled by a specific catalyst
  • Similar to Anduril, Anthropic (+25.2%) saw solid appreciation in its Forge PriceTM, but was not fueled by a particular piece of news

The Cybersecurity basket had trailing performance with -0.1% for October. Tanium’s -8.0% performance during October weighed the most on the basket.

Positive returns for both indices that also outpaced the public market

FAPMI edged out FPMI, but both outperformed QQQ (+4.8%) and SPY (+2.4%). FAPMI received positive contributions from the aforementioned Anduril, as well as Deel (+55.7%) and Vercel (+149.0%). SpaceX (-5.2%) was a modest detractor from FAPMI performance. FPMI saw gains from EquipmentShare (+69.8%) and Anduril but was held back by Kraken (-6.8%). These performances were driven by:

  • Deel raised a $300M Series E at a $17.3B valuation with lead investors Ribbit Capital, Andreessen Horowitz, and Coatue Management.2 This represents a substantial step up from its 2022 Series D at a $12.1B valuation3
  • Vercel raised $300M for its Series F round at a $9.3B valuation led by Accel and Singapore sovereign wealth fund GIC.4 Previously the company had been valued at $3.25B for its Series E round in 20245
  • EquipmentShare shares received investor buying interest based upon increased speculation about a near-term IPO6

Overall, the private market had a strong performance in October despite concerns about the effects of the government shutdown.7 While the IPO market appears to be effectively closed until the government shutdown is over,8 private market investors appear undeterred.

1 The Information, 10/27/2025

2 Reuters, 10/16/2025

3 TechCrunch, 05/11/2022

4 Bloomberg, 09/30/2025

5 Reuters, 05/16/2024

6 Bloomberg, 08/20/2025

7 ABC News, 10/30/2025

8 Barron’s, 10/30/2025

Start trading today
Buy Or Sell Shares
Anthropic
$185.90+$13.10 (7.58%)
LFR Post-Money Valuation
$183B
Anduril
$88.96+$0.37 (0.42%)
LFR Post-Money Valuation
$30.5B
EquipmentShare
$24.24-$0.05 (-0.21%)
LFR Post-Money Valuation
$3.61B
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.

Related
Other popular private market topics
Artificial IntelligenceBuying SharesEmerging TrendsPrivate Company NewsSelling SharesUpcoming IPOs

Please Read These Important Legal Notices & Disclosures

The information and material presented in this article is provided for your informational purposes only and does not constitute an offer by Forge Global, Inc., Forge Securities LLC or any of its affiliates (collectively, "Forge") to sell, or a solicitation of an offer to buy any securities and may not be used or relied upon in connection with any offer or sale of securities. An offer or solicitation can be made only through the delivery of final offering document(s) and purchase agreement and will be subject to the terms and conditions and risks delivered in such documents.

To the extent information about or defining specific terms is provided herein, Forge makes no representations as to its accuracy and has no duty to update such information. Such information is based on Forge’s experience and the meanings and connotations of terms as Forge typically uses and interprets them. Others may construe such terms differently, and you should do your own research and consult with financial, legal and tax professionals regarding any such concepts included herein.

This article does not constitute an offer to provide investment advice or service. Registered representatives of Forge Securities LLC do not (1) advise any member on the merits or prudence of a particular investment or transaction, or (2) assist in the determination of fair value of any security or investment, or (3) provide legal, tax, or transactional advisory services. Securities referenced in this article may be offered by Forge Securities LLC, member FINRA/SIPC.

Forge Securities LLC is a wholly owned subsidiary of Forge Global, Inc. Certain affiliates may act as principals in such transactions. Forge Data LLC is an affiliate of Forge Global, Inc. and Forge Securities LLC.

Investing in private company securities is not suitable for all investors. An investment in private company securities is highly speculative, involving a high degree of risk, and investors should be prepared to withstand a total loss of your investment. Private company securities are also highly illiquid and there is no guarantee that a market will develop for such securities. Each investment also carries its own specific risks and investors should conduct their own, independent due diligence regarding the investment, including obtaining additional information about the company, opinions, financial projections and legal or investment advice. Accordingly, investing in private company securities is appropriate only for those investors who can tolerate a high degree of risk and do not require a liquid investment. Past performance Is not indicative of future results.

Forge Price™ is calculated and disseminated by Forge Data LLC (“Forge Data”). All rights reserved. Forge Price is designed to reflect the up-to-date price performance of venture-backed, late-stage companies. Forge Price is determined based on a proprietary model incorporating the pricing inputs from primary founding round information and secondary market transactions, including indications of interest (IOIs). Secondary market transactions are sourced from Forge Securities LLC (an affiliate of Forge Data), a leading market platform, and data collected from other private market trading platforms. The Forge Price is a mark of Forge Data. The Forge Price is solely for informational purposes and is based upon information from sources believed to be reliable, however Forge Data makes no assurance as to the accuracy or reliability of this data. Forge Data is not an investment adviser and makes no representation regarding the advisability of investing in any asset or asset class. Private company securities are highly illiquid, and the Forge Price may rely on a very limited number of trade and/or IOI inputs in its calculation. Brokerage products and services are offered by Forge Securities LLC, a registered broker-dealer and member FINRA/SIPC. Neither reference to company names, nor calculation of Forge Price for a particular company(ies) implies any affiliation between Forge or its affiliates and any company, any endorsement or sponsorship of Forge or its affiliates by any company or vice versa, or any partnership, joint venture or other commercial relationship between Forge or its affiliates and any company. Rights with respect to any company marks referred to herein are, as between Forge and its affiliates and such company, owned by the company.