Forge insights

The final quarter of 2025 delivered a wave of mega-rounds, with five Forge-listed private companies each securing $1 billion or more in fresh capital. These outsized raises not only show where late-stage capital is flowing — from AI to energy and event-driven markets — but also signal investor confidence that these companies have the potential to scale and deliver compelling, revenue-generating products. For investors, these billion-dollar hauls offer an early look at the emerging leaders that may shape the next decade of private-market returns.