Lighter adopts a zero-fee strategy, generating profits through two other channels—first, clearing fee income, and second, profit sharing from LLP market makers. This is essentially a copy of Robinhood's approach: first, accumulate trading volume with extremely low or zero-cost trading models, then make money through scale effects.

From a financial perspective, these two revenue streams are estimated to reach around $200 million. Based on this data, the pre-market valuation range is approximately $3.2 billion to $3.9 billion. In other words, it's about 16 to 20 times the revenue multiple.

Interestingly, the fact that this valuation pricing is so consistent reflects that there are quite a few institutional investors involved in the pricing process. Otherwise, the expected prices from different parties wouldn't be so close—someone would always want to squeeze a little more out of the other. This phenomenon now indicates that everyone has reached a good consensus on Lighter's business prospects.