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

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.

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)

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)

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)

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)

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)

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)

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

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.

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.