A public company's total share count multiplied by its share price. It doesn't exist before a company actually prices its IPO — DiscoverIPO shows offer size and price range instead for not-yet-listed companies, since those are the figures genuinely published pre-listing.
Market cap is often used as shorthand for 'how big is this company,' but it literally doesn't exist until a stock starts trading — before that, offer size and price range are the only genuinely published figures, and neither one is the same thing as what the company will actually be worth once the market sets a real price on the first day of trading.
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