Glean’s private-market shares have fallen more than a third over the past year, sharply underperforming publicly traded enterprise search company Elastic (NYSE:ESTC) even as both businesses pursue opportunities in enterprise AI.
Glean’s Forge Price reached $38.90 per share on Oct. 26, down 36.23% over one year, according to Forge Global data. By comparison, Elastic shares closed at $102.43 on Oct. 23, up 17.53% over the preceding year.
The difference is about 54 percentage points, showing how private-market pricing can diverge from public-stock performance in the enterprise AI sector.
Glean develops AI-powered workplace search software that connects information across company applications, allowing employees to find internal documents, ask questions and deploy AI agents to automate tasks.
The startup raised $150 million in Series F financing in June 2025 at a $7.2 billion valuation. The round was led by Wellington Management, with participation from investors including Khosla Ventures, Sequoia Capital and Kleiner Perkins.
Glean has since reported significant revenue growth. In May 2026, the company said it had reached $300 million in annual recurring revenue, up from $100 million about 15 months earlier. It also said its Fortune 500 customer count had nearly doubled year over year.
The growth comes as companies look for ways to apply generative AI to internal knowledge, employee productivity and business workflows. Glean’s platform pulls information from multiple workplace applications rather than limiting employees to a single software ecosystem.
Elastic’s Search AI Business
Elastic offers enterprise search technology alongside observability and security products, making it a useful public-market comparison for Glean, although its business is broader.
The company reported $1.739 billion in fiscal 2026 revenue, up 17% from the prior year. Fourth-quarter revenue reached $451 million, a 16% increase year over year, according to its May earnings release.
Elastic’s products help organizations search and analyze data across their systems, while its observability and security tools address other enterprise technology needs. Its wider product portfolio and established public-market presence distinguish it from Glean’s more concentrated workplace AI offering.
Private-Market Pricing Tells A Different Story
Forge’s latest Glean price points to a difficult year for the startup’s private shares, despite reported revenue growth.
However, Forge Price is a derived private-market estimate, not a continuously traded stock quote or a guarantee of the price investors can obtain in a transaction.
Even with those limitations, the divergence is notable. Glean’s indicated share price fell 36.23% over roughly a year, while Elastic gained 17.53%. The figures don’t explain why the stocks moved in opposite directions, but they highlight the different performance investors have seen across private and public enterprise software markets.
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