The DoD Accelerator Managed by Accuidity Capital Management Announces a $6 Million Series A Investment in Baxter Aerospace

SAN FRANCISCO – Forge Global Holdings, Inc. (“Forge,” or the “Company”) (NYSE: FRGE), a leading provider of marketplace infrastructure, data services, technology, and investment solutions for the private market, announced today that the DoD Accelerator fund, managed by Accuidity Capital Management (“Accuidity”), has made its inaugural defense-sector investment: a $6 Million Series A funding round in Baxter Aerospace. Baxter Aerospace is a Utah-based advanced manufacturing and aerospace system integrator focused on delivering real-time sensing and resilient communications to defense, intelligence, and emergency response customers.

Baxter Aerospace operates at the intersection of edge connectivity, unmanned aerial systems, and precision manufacturing. The company’s current efforts center around:

• Deployable Communications Kits – Baxter is provisioning aircraft and field-deployed platforms with broadband satellite communications systems to support austere operations across firefighting, disaster response, and defense missions. These systems incorporate compact, mobile terminals enabled by leading low Earth orbit (“LEO”) networks, procured through formal reseller agreements and operated on a wide array of U.S. government public safety use cases.
• BA-1 Dragonfly Unmanned Aircraft – A Group 3 VTOL (vertical takeoff and landing) unmanned aircraft (“UAS” or “unmanned aerial system”) purpose-built for persistent ISR (“intelligence, surveillance and reconnaissance”) and data relay, Dragonfly features thrust vectoring, modular payloads, and over 12 hours of endurance. It supports situational awareness in comms-denied environments, aligning with next-generation CONOPs across defense and public safety operations.
• Precision Components for Energy Systems – Leveraging its vertically integrated factory, Baxter also manufactures bespoke, ultra-high-reliability components for the fusion and nuclear energy sectors, serving customers in defense and critical infrastructure.

“The DoD Accelerator was founded specifically to support companies like Baxter—technically capable, revenue-generating, and punching way above their weight in the defense ecosystem,” said Scott Bledsoe, DoD Accelerator General Partner. “Their forward-deployed communications kits and long-endurance UAS platform solve urgent operational problems for military and government users.”

The DoD Accelerator is a fund targeting early-stage growth companies with transformative dual-use technologies and real revenue traction. Managed by experienced operators from the defense domain and senior investment professionals, the DoD Accelerator provides funding that enables companies to unlock direct pathways to defense procurement and fielded impact.

The investment will support rapid production scale-up for both the Dragonfly Unmanned Aircraft and the Deployable Communications Kits, expand field operations, and enhance Baxter’s ability to respond rapidly to government demand.

“The DoD Accelerator is the ideal partner as we expand into multiple defense programs,” said Michael Baxter, President and Co-Founder of Baxter Aerospace. “Their experience and deep advisory network are accelerating our next phase of growth as we develop products specifically for the armed forces of the U.S. and our firefighters.”

About Forge

Forge (NYSE: FRGE) is a leading provider of marketplace infrastructure, data services, technology, and investment solutions for private market participants. Forge Securities LLC (FSEC) is a registered broker-dealer and a Member of FINRA that operates an alternative trading system. Learn more about Forge at forgeglobal.com.

About Accuidity

Accuidity Capital Management (“Accuidity”) is a wholly owned subsidiary of Forge Global Holdings, Inc. Accuidity is the investment manager of the DoD Accelerator fund and holds an equity interest in the general partner of the fund. Learn more about Accuidity at Accuidity.com.

About Baxter Aerospace

Founded in the wake of the 2017 Eagle Creek Fire, Baxter Aerospace engineers and manufactures high-performance UAS platforms and comms systems optimized for austere and dynamic environments. With deep experience in LEO terminal integration and in-house design/build capabilities, Baxter is bridging operational needs across defense, intelligence, and emergency response sectors.

Forward-Looking Statements

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