Rodriques: Nineteen of the largest AI companies are still private

Watch on YouTube ↗  |  January 22, 2026 at 12:08  |  2:30  |  CNBC
Speakers
Kelly Rodriques — CEO, Forge

Summary

Kelly Rodriques, CEO of Forge Global, says private markets remain strong heading into 2026. AI is still the leading private-market theme, with 19 of the largest AI companies private and Forge Global's AI basket up 191% in 2025. He also highlights non-AI private companies, which grew 40%, and recommends diversification, with enterprise software, industrials, aerospace, and defense showing strength.

  • Kelly Rodriques of Forge Global discusses private-market trends from Davos.
  • AI remains the leading private-market theme and capital raise area.
  • Forge Global AI basket grew 191% in 2025; 19 largest AI firms still private.
  • Non-AI private companies grew 40% in 2025.
  • He recommends diversification beyond AI into enterprise software and industrials.
  • Aerospace and defense private companies have been strong performers, with Anduril cited.
  • Funding and underlying performance are not slowing into 2026.
Ideas
Kelly Rodriques CEO, Forge 0:22
Private AI leadership continues into 2026.
AI remains the leading private-market theme. Nineteen of the largest AI companies are still private, and Forge Global's AI basket—including OpenAI, Anthropic, Databricks and others—grew 191% in 2025. He sees the underlying performance continuing and no slowdown in funding.
AI-SECTOR HIGH
Kelly Rodriques CEO, Forge 0:50
Private markets stay strong into 2026.
Private-market activity remains strong: funding is not slowing, the underlying performance of many companies that did well in 2025 is continuing, and conversations with founders and investors in Davos show optimism for 2026.
Private markets HIGH
Kelly Rodriques CEO, Forge 1:33
Diversify private holdings beyond AI.
Non-AI private companies grew 40% in 2025, so he recommends a diversification strategy rather than relying only on AI. He says non-AI areas include enterprise software and industrials, and he remains excited about private-market opportunities in 2026.
Non-AI private companies Enterprise Software (private companies) Industrials (private companies) HIGH
Kelly Rodriques CEO, Forge 2:23
Private aerospace defense keeps outperforming.
Within non-AI private markets, aerospace and defense have been standout performers over the last couple of years, with Anduril and others driving strength; he flags the area as something people should be excited about.
Private aerospace & defense companies MED
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This CNBC video, published January 22, 2026, features Kelly Rodriques discussing AI-SECTOR, Private markets, Non-AI private companies, Enterprise Software (private companies), Industrials (private companies), Private aerospace & defense companies. 4 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Kelly Rodriques  · Tickers: AI-SECTOR, Private markets, Non-AI private companies, Enterprise Software (private companies), Industrials (private companies), Private aerospace & defense companies