CBRS surged 300% — Is there still time to grab Anthropic and Polymarket's Pre-IPO?

The Pre-IPO track is entering its second half, marked by profit realization and closed-loop validation.

Last week, MSX's first Pre-IPO project, Cerebras (CBRS), completed a closed-loop validation: a full-chain closed loop from Pre-IPO subscription, IPO listing to spot trading. Based on the initial subscription price of $100.35 and the peak price on the first day of listing, the comprehensive return rate for participating users exceeded 300%.

A new target has quickly followed suit.

On May 16, 2026, MSX Pre-IPO Phase 2 officially opened for subscription, with the targets being Anthropic and Polymarket—where the subscription price for Anthropic is $855, corresponding to a valuation of $950 billion; and the subscription price for Polymarket is $152, corresponding to a valuation of $15 billion.

This is not just an ordinary asset listing. For users who participated in the first Pre-IPO, CBRS.M serves as a sample that completed the journey from subscription to trading in just over two months, providing a clearer reference framework for subsequent Pre-IPO projects.

Especially for the two new targets, Anthropic and Polymarket, both have experienced valuation leaps of 10x or more in the past year, representing respectively the most-watched productivity gateway in the AI era and the event pricing infrastructure within prediction markets. Is it worth participating?

1. Pre-IPO Completes Its First "Full-Cycle Closed-Loop" Validation

Over the past period, Pre-IPO has visibly become a new asset class that on-chain US stock and crypto trading platforms are competing for.

From SpaceX, OpenAI, Anthropic to Cerebras and Polymarket, top private companies have long been core targets for various platforms. The directions they represent — AI, aerospace, defense technology, prediction markets — are the focus of global capital and high-quality assets that ordinary investors have long found difficult to access directly.

This is not hard to understand.

In traditional financial markets, early-stage shares of top private tech companies like Anthropic and SpaceX are often allocated to primary market funds and large institutions. Even if ordinary investors understand the trends, it's difficult for them to obtain corresponding access points. They often have to wait until the IPO or public trading stage, but by then, corporate valuations have usually undergone multiple rounds of increases, and investment dividends have significantly diminished.

So over the past two months, since MSX launched its Pre-IPO product in early March, almost all major trading platforms have started covering popular private companies with their own products. Although the underlying logic of these products varies, they all essentially aim to meet users' demand for an "early-stage high-quality asset gateway."

However, as more platforms enter the Pre-IPO track, the focus of competition has begun to shift.

The first half was about who could cover hot names faster; the second half is truly about who can provide a clearer and more complete product chain — While users can subscribe with a relatively low barrier, can the target seamlessly transition to spot trading after listing? More importantly, are the exit and settlement paths clear? Does the platform have a verifiable real-world case?

It wasn't until the emergence of CBRS.M last week that a concrete, referenceable sample was provided at this juncture.

After the first MSX Pre-IPO opened on March 2, participating users subscribed to CBRS Pre-IPO shares at $100.35. When Cerebras was listed on NASDAQ, the MSX platform also launched CBRS.M spot trading on the same day, providing subsequent trading and exit paths for assets held by Pre-IPO users. Based on the peak price on the first day of listing, the comprehensive return rate for participating users exceeded 300%.

This means that the first phase of MSX Pre-IPO validated not just the selection ability for a single project, but a complete product mechanism covering subscription, holding, listing, spot trading, and stablecoin settlement, all integrated into an executable chain.

More importantly, this sample emerged relatively quickly: from the first-phase subscription to Cerebras' listing took just over two months. The Alpha effect was rapidly amplified by the market. It is precisely because of this sample that the launch of Anthropic and Polymarket isn't just "another two hot targets have arrived," but feels more like the beginning of the continuous realization of Pre-IPO dividends.

2. Anthropic and Polymarket: Two Valuation Rocketing "Hot Commodities"

The most noteworthy aspect of MSX's Pre-IPO Phase 2 is undoubtedly that Anthropic and Polymarket represent two highly representative asset directions.

Anthropic corresponds to the productivity gateway in the AI era, while Polymarket corresponds to prediction markets and event pricing infrastructure. They are respectively the top contenders in the hottest tracks of the "Internet" and "Web3" industries.

Especially, both have experienced significant valuation leaps over the past year, which is the most interesting aspect of them being placed together in the same Pre-IPO phase.

1. Anthropic: From $61.5 Billion to Nearly $1 Trillion in 15 Months

First up is the well-known Anthropic.

Beyond the imagination for AI business models brought by Claude Code, the attention Anthropic has attracted in the capital market over the past year largely stems from its extremely rapid valuation leap. Looking solely at the numbers, it's a very steep curve:

•  In March 2025, Anthropic announced a $3.5 billion funding round, with a post-money valuation of $61.5 billion;

•  In September 2025, the valuation rose to $183 billion;

•  In February 2026, it completed a $30 billion funding round, reaching a valuation of $380 billion;

•  According to recent reports from Bloomberg and other media, it is conducting a new round of funding at a level exceeding $900 billion;

In other words, in 14 months, Anthropic's valuation rocketed from $61.5 billion towards the trillion-dollar threshold, an increase of about 15x. Even within the most aggressive AI cycle in the primary market, this curve represents an extreme sample.

Behind this is not just capital enthusiasm for AI, but a fundamental change in the pricing logic of the AI industry. As is well known, the early market focused on model capabilities, then shifted to computing power reserves, engineering efficiency, and commercialization speed. The next core variable is increasingly becoming whether the model can truly enter enterprise workflows and become part of the productivity infrastructure.

For instance, Claude's biggest advantage is that it is no longer just a chat tool; it is entering scenarios like code processing, enterprise collaboration, and intelligent agent execution. The growth of products like Claude Code has expanded Anthropic's imagination from general AI applications to developer productivity and enterprise software infrastructure.

In other words, Anthropic's valuation imagination doesn't just come from "Claude is useful," but from its potential to become a key productivity gateway in the AI-native era. This is one of the core logics behind choosing Anthropic for this Pre-IPO phase. It sits at the most central position in the AI application layer, possessing strong product mindshare, user growth, enterprise scenario penetration, and capital attention.

Of course, Anthropic is a typical high-certainty, high-attention, high-valuation target. The key is not just looking at the current valuation, but whether it remains on the main line of long-term capital narrative and industrial expansion — especially at a node just one step away from the trillion-dollar valuation. Whether it eventually goes for an IPO, an acquisition, or remains private, Anthropic's current valuation level could become an important reference anchor for the market to revisit repeatedly.

2. Polymarket: Prediction Markets from Crypto Application to Information Pricing Layer

Compared to Anthropic, Polymarket's story is more native to crypto, but its scope of imagination is not limited to the crypto industry.

Polymarket's core application scenario allows users to express their judgment on the outcomes of real-world events through market prices. Things like political elections, macro policies, sports events, geopolitical conflicts, tech product launches, and regulatory outcomes can all be transformed into tradable probabilities.

This is different from stocks, bonds, or commodities in traditional financial markets. In the past, understanding real-world events relied mainly on media reports or polls/research reports. However, this information often suffers from lag, bias, or noise. The unique aspect of prediction markets is that they allow different participants to directly convert their judgments into prices, forming a real-time changing probability signal.

Notably, like Anthropic, it has also experienced a rapid valuation leap:

•  In 2024, Polymarket completed a $70 million funding round;

•  In June 2025, it completed a $200 million funding round, with a valuation exceeding $1 billion;

•  In October 2025, ICE, the parent company of the NYSE, invested up to $2 billion, corresponding to a valuation of approximately $8 billion;

•  In April 2026, Reuters reported, citing The Information, that Polymarket was negotiating $400 million in funding, with a valuation of approximately $15 billion;

In other words, in less than a year, Polymarket rapidly jumped from a valuation of $1 billion to $15 billion. Compared to traditional crypto applications, this is no longer just a story about trading volume or user growth, but a process of repricing prediction markets as a new type of information infrastructure.

This is also why Polymarket has continued to receive attention over the past few years. It is both a native crypto application and naturally connected to real-world events. As the market continues to expand, Polymarket has the opportunity to evolve from a crypto application into a pricing infrastructure for real-world events.

Therefore, although Anthropic and Polymarket operate in different industries, they have both become some of the most representative top-tier assets in their respective directions. Having experienced extremely rapid valuation leaps in the past year, this is precisely the underlying logic for MSX Pre-IPO Phase 2 to pair them together.

3. Pre-IPO Requires Not Only an Entry Point, But Also an Exit Point

Returning to the Cerebras case, it's worth mentioning again before Phase 2 goes live, not because every Pre-IPO project can replicate CBRS.M's short-term gains, but because it validated the most fundamental issue of Pre-IPO products: whether the closed loop from subscription to exit can be completed.

After all, for users, while the low-barrier entry point provided by Pre-IPO is helpful, ensuring a clear exit path from subscription to exit is even more critical.

The complete chain of CBRS.M proves that MSX Pre-IPO is not simply providing a "conceptual share." Instead, it has established a practical product mechanism around subscription, holding, listing, spot trading, and stablecoin settlement. Users can choose to continue holding after the target is listed or complete their exit through the spot market.

This is the key differentiator of Pre-IPO products from pure synthetic assets or price guessing games. It can provide users with clear, executable paths when the target is listed, converted, or redeemed. For example, MSX's Pre-IPO Phase 2 also follows a relatively clear exit arrangement. According to product rules, besides participating in the subscription, users can monitor two key milestones:

•  First, if the target subsequently completes an IPO, it will enter an automatic redemption/conversion process post-IPO according to platform rules;

•  Second, if the target has not yet IPO'd by that time, users can apply for redemption after August 20, 2026, 00:00 (UTC), according to platform rules (specific execution methods are subject to MSX platform page rules);

The significance of this design is that it doesn't just offer users a "story to buy into." It incorporates the subsequent exit path into the product structure right from the subscription stage. For assets like Pre-IPO, which naturally have longer cycles and higher information uncertainty, clear redemption and conversion rules are themselves a crucial part of a user's assessment of a platform's credibility.

From this perspective, the Alpha effect of CBRS.M is not an isolated incident, but an external validation of the entire industry's Pre-IPO product capabilities. Therefore, the value of MSX Pre-IPO Phase 2's Anthropic and Polymarket lies in building upon this foundation to further expand the asset boundaries: from AI chip infrastructure extending to AI application gateways and prediction market infrastructure.

Objectively speaking, when high-quality targets, clear exit paths, and stablecoin trading experiences are combined, Pre-IPO has the potential to become a significant incremental gateway for the on-chain US stock ecosystem. It can satisfy users' demand for participating in early-stage high-quality assets while enriching the asset layers of the RWA trading platform.

More notably, MSX Pre-IPO Phase 2 does not just list these two high-attention targets, Anthropic and Polymarket; the pricing and valuation levels are also relatively attractive.

Based on currently observable comparable Pre-IPO quotes in the market, Anthropic and Polymarket have become hot private assets covered by multiple competing platforms. However, there are significant differences in quotes, trading forms, and underlying structures between different platforms. Some platforms trade in spot form, while others offer price exposure through synthetic assets or perpetual contracts. When users participate, what they see is not just "whether the target is available," but also "at what price they can participate."

In this regard, MSX Phase 2 offers an Anthropic subscription price of $855, corresponding to a platform subscription valuation of $950 billion for this phase; and a Polymarket subscription price of $152, corresponding to a platform subscription valuation of $15 billion for this phase. Compared with quoting and valuations from some similar platforms currently in the market, MSX's subscription prices for both targets are in a relatively lower range, still providing users with a more attractive entry price and a clear product structure. For assets of the Pre-IPO type, which naturally exhibit high volatility, high attention, and high valuation elasticity, the entry price directly impacts the subsequent risk-reward ratio.

In summary, Cerebras enabled the first truly meaningful validation of on-chain Pre-IPO.

It proved not just the selection judgment for a specific target, but the feasibility of the entire product mechanism. From subscription, holding, listing, spot trading to final stablecoin settlement, this chain was truly executed for the first time in the context of a top-tier tech IPO. This also allowed us to intuitively feel for the first time that once an early-stage high-quality asset gateway like Cerebras is brought on-chain, its return elasticity and imagination space are no less than any native on-chain asset.

However, what truly determines the long-term value of Pre-IPO is never the short-term performance of a single project, but whether the platform can continuously find high-quality, era-defining targets and transform them into product gateways accessible to ordinary users.

This point is harder to replicate than a 300% return and is more worthy of attention than any single profit figure.

The arrival of Anthropic and Polymarket is the second report card from MSX Pre-IPO. As for whether it can continue to withstand validation and deliver a near-perfect score...

Let the market decide.