When Square’s IPO launches Thursday (Nov. 19) morning, it will start off seeking $9/share, which values the company at $2.66 billion, half of where it had valued a year ago. Even its IPO prospectus had estimated a range of $11-$13. Square is arguably the industry’s best-known payment facilitator.

“It’s a signal that Square will face a challenge when it finally goes public,” noted TechCrunch. “Square’s pricing — below its previous valuation — is one of many instances of valuations being written down among late-stage startups.”

Fair or not—FYI, it’s not—Square is facing Wall Street analysts who need to pigeonhole Square direct competitors. But the Square business model, size and customer based is sufficiently unusual that there really are no like-for-like rivals.

This was a point that Rick Oglesby, a senior analyst with payments consulting firm Double Diamond Group and a longtime tracker of Square, stressed during a video segment on Bloomberg.