The capital market is very large. Most people see and interact with day trading, which is the secondary market where buy and sell orders are matched in real-time on the stock exchange order book: high liquidity, price transparency, mature rules. In contrast, there is the primary market, and the most famous example of this is the initial public offering (IPO): where the company completes due diligence, compliance, and the offering process, becomes a public company, and is listed for trading. Looking further ahead, in the early-stage funding of companies, angel rounds, seed rounds, Series A, and Series B are part of the private market: they have a more flexible structure, lower liquidity, and limited transparency. Except for some angel investments that may be directed at individuals, most rounds are led by venture capital (VC) and institutional investors, with thresholds in terms of funding size, professional capacity, information channels, and regulatory requirements, and individual investors are often naturally excluded. The critical stage actually lies between multiple funding rounds and the IPO. Here, there are significant growth profits (more clear business models#GateSpotDerivativesBothTop3