Forge Global CEO Kelly Rodriques on SpaceX and the IPO Outlook

Summary

Podcast Summary

Bloomberg Businessweek: "Forge Global CEO Kelly Rodriques on SpaceX and the IPO Outlook"

Date: January 29, 2026
Hosts: Carol Massar & Tim Stenovec
Guest: Kelly Rodriques, CEO of Forge Global
Location: World Economic Forum, Davos

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Episode Overview

This episode explores the rapid evolution of private markets and the democratization of investing in private companies, set against a backdrop of trends like AI, defense and aerospace, and the growing appetite among regular investors for access to pre-IPO giants. The centerpiece is an interview with Kelly Rodriques, CEO of Forge Global, fresh off Forge’s major acquisition by Charles Schwab. The conversation covers why companies like SpaceX are staying private longer, how Forge is shaping access to private assets, and the launch of a first-of-its-kind fund for non-accredited investors.

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Key Discussion Points & Insights

1. Forge Global and the Schwab Acquisition

• Democratizing Alternatives:
  The acquisition is meant to vastly widen access to private markets, an arena primarily reserved for institutions and the wealthy.

  "Our forge acquisition was really about democratizing investments and alternatives...allow [all our investors] to participate in private markets the way institutions and the very wealthy have been able to."
  – Rick Wurster, Charles Schwab CEO (01:13)

• Integration Timeline:
  The Schwab–Forge deal is expected to close in the first half of 2026 and remains on track.

  "Absolutely."
  – Kelly Rodriques, confirming deal timeline (02:53)

• Mission Alignment:
  Forge’s original mission aligned closely with Schwab’s expanding vision.

  "This is a really exciting development for investors and for Schwab."
  – Kelly Rodriques (02:02)

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2. The Rising Popularity of Private Markets

• Mainstream Momentum:
  Private markets are moving from a niche asset class to mainstream visibility, with significant growth in global interest, notably from European and UK offices.

• Davos Themes:
  The 2026 World Economic Forum prominently featured AI as a core theme.

  "AI is everywhere. You cannot believe it's in every conversation...19 of the largest AI companies are tracked by Forge because they're still private."
  – Kelly Rodriques (03:17)

• Non-AI Sectors of Interest:
  Defense and aerospace is the #2 hot sector, up 140% this year, with SpaceX, Anduril, and Adventurer named leaders. (04:06)

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3. How Forge Works: Investor Access and Market Dynamics

• Liquidity Platform:
  Forge connects private company shareholders (e.g., early employees) with accredited investors.

  "You allow people who own equity in private companies to sell to find buyers who are accredited investors to then buy the shares."
  – Tim Stenovec (04:21)

• Supply & Demand:
  High demand for shares in AI, defense/aerospace, and fintech has created imbalances—buyers often outnumber potential sellers for hot names.

  “Those companies are sought after. And you do have supply and demand imbalances.”
  – Kelly Rodriques (05:09)

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4. Spotlight on SpaceX and Staying Private Longer

• SpaceX’s Appeal:
  SpaceX remains one of the top-traded (and held) names on Forge. Its investor base broadened dramatically in the last two years. (05:46)

• Why Stay Private?
  Massive infusions of private capital (e.g., OpenAI raising $40 billion privately in 2026) allow companies to defer, or avoid, public markets.

  "If AI companies can raise that much money privately, why are they going public? SpaceX has managed to raise billions...So you're going to continue to see this."
  – Kelly Rodriques (06:34)

• Impact of Schwab Acquisition:
  Opening private markets to Schwab’s 42 million clients and $12T in assets will further change supply and demand.

  "That capital is not just going to buy someone shares. That capital will eventually find its way on balance sheets."
  – Kelly Rodriques (06:34)

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5. New Products: Opening Access to the Masses

• Launch of a Non-Accredited Investor Fund:
  Forge is launching the first non-accredited index fund (publicly available in 2026) for private company shares, minimum investment $2,500, covering 60 top private firms across AI, fintech, etc.

  "We're launching...the first non accredited index fund that's got 60 of the biggest private companies...for non accredited investors."
  – Kelly Rodriques (08:03)

• Interval Fund Details:
  This “Megacorn fund” is structured for quarterly liquidity; investors can move in and out four times a year.

  "You'll be able to get in and out of it quarterly, but it will be available to everybody, every investor in the country."
  – Kelly Rodriques (08:57)

• Background & Regulatory Innovations:
  Enabled by acquiring Liquidity, a company specializing in making private company funds publicly accessible via interval fund structures.

  “We acquired a really interesting company this last year called Liquidity, whose mission was to build publicly available funds that hold privates.”
  – Kelly Rodriques (09:16)

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Notable Quotes & Memorable Moments

• On Private Market Trends:

  "AI is everywhere...And 19 of the largest AI companies are tracked by Forge because they're still private."
  – Kelly Rodriques (03:17)

• On Investor Demand:

  “There’s a lot more demand than there is supply [for top companies like SpaceX, Anduril, and Adventurer].”
  – Kelly Rodriques (05:09)

• On New Fund for Non-Accredited Investors:

  "We're making it available as a publicly listed fund that will be available in 2026."
  – Kelly Rodriques (08:03)
  "It’s going to probably have a quarterly liquidation option...available to everybody."
  – Kelly Rodriques (08:57)

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Timestamps for Key Segments

• [01:13] – Schwab’s Rick Wurster on democratizing alternatives
• [02:02] – Kelly Rodriques on Forge’s alignment with Schwab
• [03:17] – Davos themes: AI and global expansion for Forge
• [04:06] – Surge in defense & aerospace, with SpaceX leading
• [05:09] – Supply and demand imbalances in hot sectors
• [06:34] – Why leading companies are staying private
• [08:03] – Announcement of non-accredited investor fund
• [09:16] – Regulatory structure and liquidity solutions

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Tone & Flow

The discussion is forward-looking, optimistic about the expanded access to private markets, and energized by the dynamics around the world’s biggest private firms—especially in AI and aerospace. Kelly Rodriques emphasizes both the technical breakthroughs and the mission-driven aspects of Forge’s business, with an eye toward what broader participation will mean for markets and innovation.

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For listeners:
This episode provides a thought-provoking look at how the lines between public and private investing are blurring, what’s driving companies to stay private well beyond historic norms, and how new structures are about to offer everyday investors a chance at the next SpaceX or OpenAI—without waiting for the IPO.

Transcript

[A]

At Marsh, we believe that perspective powers progress. That's why our individual businesses have come together as one company, a new marsh built to solve the world's most complex challenges and uncover new opportunities for our clients. We're better positioned than ever to help your business navigate obstacles and unlock potential across risk, reinsurance and capital, people and investments and management consulting. Learn [e-mail] podcast Bloomberg Audio Studios Podcasts Radio news.

[B]

You're listening to Bloomberg businessweek with Carol Massar and Tim Stanvak on Bloomberg Radio. Space X moving forward with an insider share sale that values it at about $800 billion. Bloomberg News reported that in December Private markets how much these companies are valued very much of interest to investors. We spoke about this with Rick Worcester, the CEO of Charles Schwab yesterday. He weighed in on it. In that conversation with us, he discussed the acquisition of Forge Global, a marketplace for buying and selling shares of private companies. Reminder. Schwab agreed to buy Forge back in November for $660 million.

[C]

And our forge acquisition was really about democratizing investments and alternatives. We're now going to be able to bring it to all of our investors in multiple different forms and allow them to participate in private markets the way institutions and the very wealthy have been able to. And we're thrilled to bridge that gap and excited for what that could mean for our clients wealth.

[B]

That was Charles Schwab CEO Rick Wurster speaking yesterday with us here on Bloomberg businessweek Daily. Back with us, Kelly Rodriguez, CEO of Forge Global. Kelly joins us from the World Economic Forum in Davos. Kelly, I want to get to Davos in just a second, but Rick's comment to you and to all of us about what Forge is going to bring to Charles Schwab. He's been talking about the acquisition. How do you see yourself, how do you see your company fitting into Schwab?

[C]

So it's a really interesting time in the market. The private markets, which have historically been thought of as an alternative asset class, are really going mainstream now. This is a year and the performance bears this out. If you've seen some of the recent data we put out. But I think Schwab and others are coming to the conclusion that America's investors need to participate in this asset class. And it's a really exciting time because they want to provide access. That was our mission nine years ago when we started. So they've been watching us for a while. This is a really exciting development for investors and for Schwab.

[D]

Hey, my understanding is I guess that deal right, we did we actually were at Schwab Impact on the day it was announced and we, we talked with Rick about it then. It is expected to close in the first half of 2026. Are you guys still on track for that as much as you know?

[C]

Yes. Yes.

[D]

Okay.

[C]

Absolutely.

[D]

Hey, you know, it is interesting too, and Tim and I talk about this all the time in terms of private markets, how much investors are certainly interested in that and that's where they want exposure. I am curious about what are the conversations you're having on the ground in Davos when it comes to private markets, private interest, Give us your take.

[C]

So if you're talking to the capital markets or investing crowd, this is a theme that is a global theme. Our biggest growth this last year came from our European and UK offices. But the other big theme that's here in Davos is AI. AI is everywhere. You cannot believe it's in every conversation. And if you walk down the main strip in Davos, AI is the theme of the conference for sure. And 19 of the largest AI companies are tracked by Forge because they're still private. So the conversations are nonstop about the convergence of both. The AI sector.

[B]

Are any non AI companies getting any love right now?

[C]

Oh, yeah. The number two sector is defense and aerospace and it was up 140% this year.

[B]

Is that just SpaceX?

[C]

Oh no, that's SpaceX, that's Anduril, that's Adventurer, There's a whole bunch of them in there and they're really interesting to the global audience too.

[B]

Okay, so I want to remind everybody what you do. You basically take, you allow people who own equity in private companies to sell to find buyers who are accredited investors to then buy the shares. So like if you're an early employee at Anduril, for example, and you have equity and you want to buy a house, maybe you want to get some liquidity. You can go to Forge Global and you're going to prepare them with a buyer, correct?

[C]

Yeah, that's one use case.

[B]

Okay, so are you having. Because the growth of these companies has been so quick, are you having trouble finding people who want to part ways with their shares? Because they're like, hey, hey, this is a rocket ship and I want to hold on for as long as possible.

[C]

Yeah. Depending on what company you're talking about, there is a supply and demand dynamic that's always at play for the most popular high performing sectors. And that's AI, defense and aerospace. And fintech is up over 100% this year. Those companies are, are sought after. And you do have supply and demand imbalances. That's not true across the entirety of, of the 600 names or so that trade on Forge. But in the hot ones, yes, there's a lot more demand than there is supply.

[D]

What about, what kind of activity are you seeing around SpaceX specifically?

[C]

I mean Space X and the Big Air names are the top names that trade at Forge. They're in the top 10 and they've, and they have been. I mean Space X has been a sought after company for the last five years, but it's really been the last two years. Their broad base of investors have really poured into it.

[D]

You know, I think what's fascinating, Kelly, and this again goes back to something we've been talking about for the last two, three, four years. And you see it at Milken. Just the rise of private markets, private credit and the ability of all this money that's out there that allows something like an open AI to stay private longer or you know, SpaceX or you know, pick your name. Do you see that continuing? Or tell me how you figure out whether that continues.

[C]

The more participation there is in this market, the more capital there is. And so at Forge we see these two dynamics. One is liquidity. People want to sell their stock. If a company's been private for 17 or 18 years and you worked there for eight or 10, or even if you were an early investor, you have a fund that's got a 10 year life or a duration you need to start providing liquidity so you can raise your next capital raise. So, so there's a liquidity component to the market and then there's a capital raise. OpenAI raised $40 billion privately this year. Think about that within the context of the IPO window and ask yourself this question. If AI companies can raise that much money privately, why are they going public? SpaceX has managed to raise billions of over the duration of their life. And so you're going to continue to see this as Schwab brings 42 million investors into this market and $12 trillion, that capital is not just going to buy someone shares. That capital will eventually find its way on balance sheets. That's what you're going to see.

[B]

So you're saying it increases, it changes the supply and demand dynamic in your view?

[C]

Absolutely. Because you're not relying just on selling shareholders.

[B]

The Schwab investors that will have access to this, do they have to be accredited invest investors like have to have the rules like that accredited investors have.

[C]

So, so here's the interesting answer to that question. If you're Buying on platform directly into a company or into a fund structure today in a single name, you have to be accredited. However, in the next few weeks we are launching and this will obviously be part of Schwab, the first non accredited index fund that's got 60 of the biggest private companies in AI fintech, all the sectors at $2,500 minimums for non accredited investors. So you can get a slice of the hottest names in the world through the forged Megacorn fund which has been in existence for accredited and for QPS for a few years. But now we're making it available as a publicly listed fund that will be available in 2026.

[D]

And any rules in terms of moving in and out of it or how liquid will that be?

[C]

It's going to probably have a quarterly liquidation option. It is an interval fund, so you'll be able to get in and out of it quarterly, but it will be available to everybody, every investor in the country.

[B]

What allowed you to make that shift? Is it a regulatory change that allowed that.

[C]

The regulatory environment allows for interval fund structures, but to actually pull it off, we acquired a really interesting company this last year called Liquidity, whose mission was to build publicly available funds that hold privates. And they were able to structure the fund in such a way using Forge's data to get through the regulatory requirements. To make this a publicly listed fund. Now you have to have access. So for this fund to be successful, we've got to have access to a lot of of supply. And that's what I was answering earlier. Tim, to your question about is it just selling shareholders? It will be some combination of selling shareholders as well as balance sheet capital.

[B]

Kelly, great, great conversation. Thanks for staying up a little later over there in Davos and spending some time with us. We're going to have to get you back on in a little bit. That's Kelly Rodriguez, CEO of Forge Global, soon to be part of the Charles Schwab Corporation.

[A]

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