Steepest valuation discounts hit companies inactive since 2021 or 2022, Forge Global finds

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28.09.2026

Steepest valuation discounts hit companies inactive since 2021 or 2022, Forge Global finds — Capital backlog triggers valuation hit

Companies that have not raised capital since 2021 or 2022 are now seeing the largest discounts to their last-round valuations, according to new data from Forge Global.

The analysis suggests a backlog of companies from that period are potentially stranded, unable to go public or secure fresh funding in the current environment.

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Forge Global previously reported that private companies raising capital in 2021 or early 2022 are seeing a median 61 percent and average 49 percent discount to earlier valuations, according to recent data. The firm also outlined Bending Spoons’ acquisitions of Airtable and Miro at reduced prices, signaling continued pressure on tech sector dealmaking in a separate report. The latest figures highlight ongoing challenges for firms from that fundraising cohort.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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