Kalshi runs a real-money market on this question. Norynta mirrors it with play credits: it opened at the Kalshi price and settles exactly as that market does. Players and a labelled market tracker move the price from there. Think the crowd is wrong? Trade against it.
If Fannie Mae confirms an IPO before Jan 1, 2027, then the market resolves to Yes. An IPO is confirmed if 1) the SEC declares the company's Form S-1 effective OR 2) the IPO is priced OR 3) a securities exchange has assigned a ticker to it. As long as any of those events occur, the market will immediately resolve to Yes, even if the company does not start trading until after Jan 1, 2027. Resolution: this play-money market resolves to the same result as the official Kalshi market settlement, linked as this market's resolution source. Observation time: the source market's final settlement after trading closes at 2027-01-01T04:59:00Z (UTC). If the source market is voided, cancelled, or its result is unavailable or ambiguous, this market is voided and positions are refunded.
Forecasts and play credits have no cash value. At resolution each winning share pays 1 play credit and your calibration record updates.