Startup Trends: 10 companies with highest sell-side demand for 2025

By Chris Cannon

Updated on December 22, 2025

In today’s private markets, investor sentiment isn’t shaped only by headline valuations — it’s also reflected in where shareholders are most eager to potentially transact. As 2025 draws nearer to its close, we’re spotlighting 10 private companies generating some of the highest levels of sell-side interest from shareholders on our marketplace, as evidenced in shareholder asks on the platform.

These 10 companies span sectors from crypto infrastructure and cybersecurity to AI, automation and next-generation consumer platforms. They offer a window into where liquidity-seeking shareholders see potential opportunity.

For investors, active sell-side interest can be found directly through Forge’s listings of active market opportunities.

Here are the private companies that made this list for 2025:

Kraken, a cryptocurrency exchange

Kraken tops the list this year with the highest sell-side interest on Forge. San Francisco-based Kraken is one of the world’s longest-standing cryptocurrency exchanges, offering trading and custody options, and trading more than 100 digital assets and 8 different fiat currencies. Earlier this year, Kraken acquired NinjaTrader for $1.5 billion to expand its offerings in retail futures.¹

Founded in 2011, Kraken’s Forge Price™ is $41.26 as of December 22, 2025, implying a valuation of $13.42 billion. Its notable investors include Arctic Ventures, Blockchain Capital, G1 Ventures and Tribe Capital.

Ripple, a blockchain technology provider

San Francisco–based Ripple uses blockchain technology to facilitate cross-border payments for banks and financial institutions. In second place for the year, Ripple’s offerings span crypto-enabled liquidity solutions as well as tools for central bank digital currency development. The company has been signaling a push toward broader international expansion, most recently securing approval to roll out its payments platform in Singapore, opening access to millions of additional users.²

Founded in 2012, Ripple’s Forge Price™ is $154.25 as of December 22, 2025, implying a valuation of $25.37 billion. Ripple’s investors include Blockchain Capital, Andreessen Horowitz, Founders Fund, Lightspeed Venture Partners and Route 66 Ventures.

Chainalysis, a blockchain compliance provider

New York City-based Chainalysis is a blockchain analytics and compliance provider used by governments and financial institutions to monitor on-chain malicious activity. The private company operates in over 70 countries and is third on the list of interested sellers. According to Chainalysis, crypto-related scams accounted for $9.9 billion in 2024, indicating the potential value a firm like it and others bring to their clients.³

Founded in 2014, Chainalysis’ Forge Price™ is $7.25 as of December 22, 2025, implying a valuation of $1.55 billion. The firm’s roster of investors includes Blackstone, FoundersClub, Ribbit Capital and Coatue.

Automation Anywhere, a robotic process automation provider

Automation Anywhere is fourth on the list this year for seller demand. The technology firm develops enterprise-grade robotic process automation (RPA) software that enables organizations to streamline repetitive workflows. Based in San Jose, California, Automation Anywhere’s cloud services are known for integrating RPA with artificial intelligence and analytics to help its clients build agility into their processes. Just last month, the company announced it had acquired Aisera, a leading provider of agentic solutions for autonomous IT, further enhancing its product suite.⁴

Founded in 2013, Automation Anywhere’s Forge Price™ is $3.50 as of December 22, 2025, implying a valuation of $1.43 billion. Its investors include Salesforce Ventures, Softbank, Goldman Sachs and General Electric.

Turo, a peer-to-peer car sharing marketplace

Turo is a marketplace that allows its car owners to rent out their vehicles. A disruptor of the car rental market, San Francisco-based Turo ranks number five on the list of companies with high sell-side interest. According to Turo, the global car rental market is expected to grow from $129 billion in 2024 to $300 billion by 2033, signaling Turo’s interest in global expansion. Currently, the private company operates in the U.S., Canada and the U.K.⁵

Founded in 2009, Turo’s Forge Price™ is $9.87 as of December 22, 2025, implying a valuation of $1.26 billion. Turo’s investors include IAC, Allen & Co., Norwest Venture Partners and Canaan Partners.

Tanium, a cybersecurity firm

Founded in 2007, Kirkland, Washington-based Tanium is number six on the list for equity holders listing their shares on Forge. Tanium provides endpoint security and asset management solutions for enterprises. Last year, the cybersecurity firm introduced its AI-enabled solutions, seeking to help thinly stretched organizations achieve automated threat analysis and management.⁶

Tanium’s Forge Price™ is $3.94 as of December 22, 2025, implying a valuation of $3.11 billion. The firm’s roster of investors includes Salesforce Ventures, Andreessen Horowitz, T. Rowe Price and Citi Ventures.

SandboxAQ, a quantum computing firm

Number seven on the sell-side demand list is Mountain View, California-based SandboxAQ. Spun out of Google’s parent company, Alphabet, SandboxAQ has emerged as a leader in the quantum-AI convergence space. The firm uses its AI and quantum technologies to provide enterprises with solutions for cybersecurity, molecular simulation and advanced analytics. In October, SandboxAQ launched OpenCryptography, a database assessing digital assets’ weaknesses and risks to help organizations prioritize remediation.⁷

Founded in 2021, SandboxAQ’s Forge Price™ is $15.49 as of December 22, 2025, implying a valuation of $5.2 billion. The private company’s investors include T. Rowe Price Associates, TIME Ventures, Paladin Capital Group and Breyer Capital.

Attentive, a marketing automation provider

New York City-based Attentive provides enterprises with SMS-based marketing automation so that they may reach their customers with personalized text messaging. Number eight on the list, Attentive continues to expand its suite of product offerings. In October, the firm announced its push notification offering, an AI agent and its analytics dashboard enhancements designed to provide its clients with more options.⁸

Attentive’s Forge Price™ is $7.36 as of December 22, 2025, implying a valuation of $1.11 billion. The private company’s list of investors includes Coatue Management, Tiger Global Management, MetaProp and High Alpha.

OpenAI, a generative AI leader

The maker of foundational AI technologies, including its popular ChatGPT and creative engine DALL-E, OpenAI sits at number nine for sell-side demand this year. The San Francisco-based firm has focused on expanding its enterprise offerings and growing subscription revenue. The organization has garnered a lot of capital, raising $6.6 billion through an employee share sale in October.⁹ At a nearly $500 billion valuation, OpenAI is widely seen as one of the most valuable private companies in the world. OpenAI is also a Forge Magnificent 7 company for its growth and innovation potential.

OpenAI’s Forge Price™ is $723.00 as of December 22, 2025, implying a valuation of $499.92 billion. The generative AI company’s notable investors include Sequoia Capital, Andreessen Horowitz, Thrive and K2 Global.

Postman, an API developer platform

The final company to make the list for the year is Postman. Based in San Francisco, Postman is a widely adopted API development and collaboration platform used by millions of developers worldwide. The firm helps enterprises and individuals design, test and manage modern technological applications. The company has expanded its platform recently with the acquisition of Liblab, a tech firm that automates the management and maintenance of software developer kits and installations.¹⁰

Postman’s Forge Price™ is $10.50 as of December 22, 2025, implying a valuation of $3.34 billion. The API developer’s investors include Insight Partners, Nexus Venture Partners, Coatue Management and CRV.