Internet Capital Markets (ICM) are revolutionizing online capital formation, transitioning from traditional gatekeeping to a more open and global model. This evolution occurs through four stages: Early Formation, Community Launch, Market Infrastructure, and Real-World Asset Bridges. Key players include Bloom Protocol for community validation, Meteora for converting attention into tradable capital, and Solana for infrastructure support. In 2025, ICM-driven trading volumes on Solana and other ecosystems surpassed hundreds of billions of dollars. Meteora's DLMM played a crucial role, boosting total value locked (TVL) from under $10 billion to over $200 billion in cumulative volume. The ICM model is maturing rapidly, with platforms like Help.Fun and ICM.RUN standardizing project launches, while MetaDAO introduces programmable company structures. As traditional finance giants like BlackRock and CME enter the space, ICM is emerging as a parallel system to traditional capital markets.