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

Startup Trends: Q3’s 10 companies with the highest investor demand

Every quarter, it can be worth looking back at the companies that drew outsized investor demand on Forge based on secondary market interest to see what’s changed and if there are any new additions to the list versus last quarter. On the Forge marketplace, accredited investors place bids on companies whose shares they’re interested in acquiring. The most bids placed for a company in each quarter qualify it for the list.

Included below are the 10 private companies that made the list for highest demand for Q3. Together, these private companies span the arenas of frontier tech, particularly AI, semiconductors, and infrastructure plays.

1. xAI, AI research firm

Artificial intelligence (AI) research firm xAI offers AI models to organizations and businesses to aid them in better operations and efficiencies. Founded by Elon Musk in 2023, the firm made the top of the list as one of the companies with the most investor bids for the third quarter.

xAI is one of a handful of AI-related companies approved by the U.S. government for employee use as of August.1 The deal allows for the use of xAI’s advanced reasoning models provided by its Grok 4 product. And in September, xAI announced it was developing an informational service dubbed “Grokipedia” to compete with the popular digital encyclopedia, Wikipedia.2

Palo Alto-based xAI’s Forge Price™ is $39.67 as of October 6, 2025, implying a valuation of $91.62 billion. Its notable investors include Andreessen Horowitz, Craft Ventures, K5 Global and Tribe Capital. xAI was recently added to Forge’s Private Magnificent 7 due to driving growth in the private market.

2. OpenAI, generative AI technology

A competitor of xAI, OpenAI provides reasoning and generative AI models for individuals and enterprises. Founded in 2015 and based in San Francisco, the private company’s Chat-GPT was the first of its kind to launch for individual use.

OpenAI has been quickly innovating. Most recently, the firm has been developing a social and video-generating application dubbed “Sora” to compete with the likes of TikTok.3 The application is designed to allow users to share video “cameos” with their friends and allow algorithmic servicing of content relevant to the user’s interests.

OpenAI’s latest Forge Price™ is $732.12 as of October 6, 2025, implying a valuation of $500 billion. The AI company’s notable investors include Sequoia Capital, Andreessen Horowitz, Thrive and K2 Global.

3. Anduril, defense technology

Irvine-based Anduril is a defense and aerospace company that provides governments with technological solutions for their militaries and other defensive needs. Anduril was recently added to Forge’s Private Magnificent 7 as a high-growth, innovative company.

Like the other companies that made this quarter’s list of highly demanded companies, Anduril is innovating at a fast pace. The Australian government recently invested $1.1 billion in Anduril to develop its underwater drone technology, dubbed “ghost shark.” The private company has also been contracted with the U.S. government to integrate AI capabilities into its military solutions.4

Founded in 2017, Anduril’s Forge Price™ is $70.92 as of October 6, 2025, implying a valuation of $52.91 billion. The private company’s notable investors include Andreessen Horowitz, Founders Fund, 8VC and Counterpoint Global.

4. SpaceX, aerospace technology

Aerospace company SpaceX provides launch services to commercial clients, governments and private enterprises. Its Falcon 9 and Dragon Capsule are such launch vehicles that are reusable for SpaceX’s clients.

Founded in 2002, the firm most recently partnered with U.S. space department NASA to use one of its rockets to orbit, observe and study atmospheric and ocean conditions.5 Furthermore, its founder, Elon Musk, has frequently announced his ambitions to send a manned mission to the planet Mars by 2029 using a SpaceX rocket.6

Hawthorne, California-based SpaceX’s Forge Price™ is $237.14 as of October 6, 2025, implying a valuation of $448.64 billion. The company’s investors include Zillow Group, Founders Fund, Fidelity Investments and 137 Ventures.

5. Anthropic, AI-enabled solutions

Another AI company deemed in high demand and a new company that made Forge’s Private Magnificent 7 recently is Anthropic. Founded in 2021, the private company offers AI models focused on alignment and safety to organizations and developers.

Most recently, Anthropic announced the launch of its latest product, Claude Sonnet 4.5. The San-Francisco-based company reported this new model can code complex, multi-step tasks and maintain its focus on these tasks for up to 30 hours at a time. Anthropic sees this latest product as “the best coding model in the world” and a better alternative to OpenAI’s coding model.7

Anthropic’s Forge Price™ is $162.15 as of October 6, 2025, implying a valuation of $177.8 billion. The AI company’s investors include ICONIQ Capital, Blackrock, Coatue Management and Bessemer Venture Partners.

6. Databricks, analytics solutions

San Francisco-based Databricks is a data analytics solutions platform designed to help enterprises process large-scale and complex data sets. The firm’s goal is to help engineers simplify tasks that require data integration.

Founded in 2013, Databricks recently announced a $100 million deal with AI research firm OpenAI to sell AI-enabled data solutions to its clients.8 The news comes after the data company announced a new round of $1 billion in capital raised at a valuation of nearly $100 billion.9

Databricks’ Forge Price™ is $180 as of October 6, 2025, implying a valuation of $120 billion. The private company’s notable investors include Andreessen Horowitz, Thrive Capital, T. Rowe Price and Fidelity.

7. Perplexity, conversational AI platform

Perplexity is a conversational AI platform that provides language models for search engines. Founded in 2022 and headquartered in San Francisco, the private company aims to help its users get answers to everyday questions. Perplexity is new to the quarterly list of high-demand companies, having not been included last quarter.

Perplexity has recently tried to position itself as a leader among the more popular AI systems. To gain more users, the firm recently announced that its AI-enabled search engine “Comet” would be available for free. It will offer its paid subscribers more advanced features, like its “background assistant” to help users with everyday tasks.10 Perplexity also recently launched an “autonomous email assistant” that uses AI-enablement to manage its users’ email preferences and inboxes.11

Perplexity’s Forge Price™ is $695.44, implying a valuation of $20.02 billion as of October 6, 2025. The firm’s notable investors include Nvidia, Bessemer Venture Partners, Camford Capital and Mana Ventures.

8. Groq, AI chipmaker

Groq is a computing solutions company that services individuals and businesses with tools to lower latency and provide better processing performance using AI-enablement and chip technology.

Founded in 2016, the private company recently doubled its valuation to $6.9 billion in a funding round. The $750 million fundraise was led by VC firm Disruptive with participation from Blackrock, Neuberger Berman and Telekom Capital Partners.12 Earlier this year, Groq announced plans for a new data center in Helsinki, Finland, to meet the demand in the European region for AI chip technology.13

Groq’s Forge Price™ is $32.00 as of October 6, 2025, implying a valuation of $6.87 billion. Other investors of the private company include Type One Ventures, Cisco Investments, TDK Ventures and NFJ Capital. Groq is another newcomer to the quarterly list of high-demand firms when compared to the second quarter.

9. Cerebras, computing solutions

Cerebras is another computing solutions firm that offers AI-enabled technology to improve system performance for enterprises. Founded in 2016, Cerebras was added to the list of high-demand companies this quarter, while not being a part of the list last quarter.

The private company recently announced its Series G fundraise, which amounted to $1.1 billion, putting the AI hardware firm at an $8.1 billion valuation. The round was co-led by Fidelity and Atreides Management with participation from Tiger Global, Valor Equity Partners and 1789 Capital. This funding haul is Cerebras’ largest capital raise to date, and it will be put towards expanding its data center footprint, according to the company.14

Cerebras’ Forge Price™ is $36.00 as of October 6, 2025. Other investors include Alpha Wave Ventures, Sequoia Capital, Foundation Capital and Eclipse Ventures.

10. Kraken, cryptocurrency exchange

A new company on the list of Q3’s highest demanded firms was Kraken. Kraken is a cryptocurrency exchange company that allows its users to store, buy and sell digital assets. Based in San Francisco, Kraken was one of the first U.S. crypto companies to receive a state-chartered banking license.

The private company could soon have more capital. It was reported last month that the crypto exchange was seeking investment at a $20 billion valuation.15 Reports cited that as much as $200 to $300 million could be raised. The news comes on the heels of Kraken’s announcement of its new ”Perps” trading product, which allows users to invest in crypto futures using predictive pricing movements.16

Kraken’s Forge Price™ is $45.32 as of October 6, 2025, implying a valuation of $13.92 billion. Its notable investors include Tribe Capital, Blockchain Capital and Soul Capital.

About the Author

Chris Cannon develops lifecycle programs that engage Forge’s existing client base. Prior to joining Forge, he led audience engagement programs and newsletter operations at Investopedia, the global financial and investing media company. Chris received his MBA from East Carolina University and a BA in History from the University of North Carolina at Greensboro. Read more from Chris.

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.