OpenAI, Kraken And Discord: 5 Billion-Dollar Private Companies on Forge's Upcoming IPO List

Some of the world’s most valuable private companies are appearing on Forge Global’s upcoming IPO watchlist, offering a glimpse into the businesses that could eventually enter the public markets.

The list spans artificial intelligence, cryptocurrency, social media, health care technology and enterprise software. Forge tracks estimated post-money valuations, funding rounds and secondary-market activity for companies that have signaled potential IPO intent.

Here are five companies on the watchlist.

1. OpenAI: $1.25 Trillion

OpenAI tops Forge’s list with an estimated post-money valuation of $1.25 trillion, making the ChatGPT developer one of the most valuable private companies in the world.

The company has raised approximately $189.07 billion in total funding, according to Forge, and its latest listed round, a Series D dated Nov. 6, brought in $11 billion.

Forge categorizes market activity for OpenAI as high, although its current Forge Price is listed as unavailable.

2. Kraken: $21 Billion

Cryptocurrency exchange Kraken carries an estimated post-money valuation of $21 billion, with high market activity on Forge.

The company raised $100 million in a Series E funding round in September. Forge lists its current share price at $28.63, down 11.96% over six months and 31.16% over one year.

3. Discord: $15 Billion

Social platform Discord has an estimated post-money valuation of $15 billion and medium market activity on Forge.

The company raised $500 million in its Series I funding round in August 2021, bringing its total funding to approximately $1 billion.

Forge lists its current share price at $36, up 14.8% over six months and 34.83% over one year.

4. OURA: $11.36 Billion

Wearable health technology company OURA has an estimated post-money valuation of $11.36 billion.

The maker of the Oura Ring raised approximately $972.43 million in its latest listed Series E funding round, dated March 31. Total funding stands at approximately $1.5 billion.

Forge categorizes market activity as limited, and its current Forge Price is unavailable.

5. Cohesity: $4.69 Billion

Enterprise software company Cohesity rounds out the list with an estimated post-money valuation of $4.69 billion.

The data management and storage company has raised approximately $1.96 billion in total funding, according to Forge. Its latest listed Series H-1 round brought in $27.5 million in December 2024.

Forge categorizes market activity as low, with its current share price listed at $15.67.

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