How much is a company that has not yet gone public worth? In the past, this question was mainly answered by a few people: founders and early-stage investment institutions. And besides the founder, other early investors and employees cannot trade freely, and the management can raise the valuation in many ways. Now Polymarket and Nasdaq want to turn this issue into a betting market. Users can place bets around the company's valuation, listing time, and secondary market price. As an exchange, Nasdaq, through this collaboration, is essentially treating Polymarket as its' pre-market ', allowing the market to vote before the prospectus appears, which has an impact on the shadow price of the company. Because predicting the market does not equal the truth, every viewpoint is voted by real money, and emotions and traffic are mixed together and amplified. Once the price is formed, it will be quoted by the media, discussed by employees, referenced by investors, and even perceived by the company's management as external pressure. So, we will see this scene: users can buy equity tokens on Jarsy/Tessera, contract before the opening of Binance/OKX/Hyperliquid, and place bets on prices on Polymarket .. When these are added together, you will find that Crypto's impact on traditional assets is becoming increasingly multidimensional, and IPO is no longer the starting point for price discovery, but just a result announcement day that has been bet on for a long time.