The Forge-ICE Alliance: A Transparency Revolution in Private Markets?

The private markets, long shrouded in opacity, are on the cusp of a seismic shift. In April 2025, Forge Global and Intercontinental Exchange (ICE) announced a partnership that aims to transform how investors access and analyze pre-IPO companies. By distributing Forge’s proprietary Forge Price™ dataset—offering real-time valuations for 200+ venture-backed firms—this collaboration could finally bring the same level of transparency to private markets that public investors take for granted. But is this a game-changer, or just another drop in a liquidity-starved ocean?

The Problem: Why Private Markets Need a Transparency Overhaul

Private markets have long been plagued by a lack of standardized pricing data. Without reliable benchmarks, institutional investors face significant hurdles in position marking, risk management, and creating diversified portfolios. Forge Price™ seeks to solve this by aggregating data from funding rounds, secondary transactions, and investor sentiment on Forge’s platform. The result? A dynamic valuation tool that mirrors the efficiency of public markets.

How the Partnership Works

ICE’s global distribution network will now serve as the backbone for disseminating Forge Price™. This integration is no small feat: ICE processes trillions in transactions annually and already hosts critical benchmarks like the Russell indices. By combining Forge’s data with ICE’s infrastructure, investors gain access to:
- Real-time pricing for pre-IPO firms like AI leaders OpenAI and Databricks.
- Standardized valuation metrics to compare companies across industries.
- Tools for product innovation, enabling ETF-like structures to democratize private market exposure.

This surge in activity—driven by institutional block trades—hints at a growing appetite for private market liquidity. Yet, Forge’s Q1 2025 net loss ($16.2–16.7M) underscores the challenges of scaling a data-driven platform in a still-fragmented industry.

The Investor Impact: Beyond Data to Decision-Making

The implications stretch far beyond raw data. For the first time, institutional investors could:
- Back-test strategies using historical Forge Price™ data.
- Allocate capital with confidence, using valuation benchmarks.
- Create indices or ETFs tied to private market themes like AI or green tech.

Chris Edmonds of ICE noted, “This isn’t just data—it’s the foundation for new financial instruments.” Imagine a low-cost ETF tracking top private AI firms, accessible to retail investors. While regulatory hurdles remain, the partnership paves the way for such innovation.

Risks and Realities

Success hinges on two critical factors:
1. Sustained Volume Growth: Forge’s trading volume must continue its meteoric rise to justify its valuation and losses. A slowdown could destabilize the ecosystem.
2. ICE’s Integration Muscle: Can ICE’s existing clients—asset managers, hedge funds—adopt Forge’s data seamlessly into their workflows?

While ICE’s stock has historically correlated with its data services growth, skepticism persists. Private markets remain a tiny fraction of global investable assets ($3.7T vs. $100T+ in public markets). Scaling Forge Price™ into a universally trusted benchmark will require years of consistent data accuracy.

Conclusion: A New Era, but Not Without Growing Pains

The Forge-ICE alliance is undeniably a landmark moment. By leveraging Forge’s data and ICE’s reach, they’re addressing a $200B+ valuation gap in private markets. The 132% trading volume spike in Q1 2025 signals institutional demand, while the inclusion of high-profile firms like OpenAI validates the dataset’s relevance.

However, profitability and scalability are non-negotiable. Forge’s $16M loss highlights the cost of building infrastructure in an underpenetrated market. Investors should also weigh the timeline: even if Forge Price™ succeeds, the “democratization” of private markets could take a decade.

For now, this partnership is a bullish bet on a future where private companies’ valuations are as transparent as public equities. The question remains: can Forge and ICE turn data into dollars before the next market cycle turns? The answer could redefine how the world invests.