My understanding is that we know the full structural connectome of C. elegans' nervous system, but we can't functionally simulate it because we do not know what the synaptic weights are between its neurons.

This market resolves yes if, before 2033, a project measures or closely approximates the synaptic weights in a real C. elegans' nervous system and then successfully uses those weights in a digital emulation that behaves in a convincingly roundworm-like way.

If the synaptic weights are randomly initialized and then trained like a neural network, that doesn't count.