CBRS surged 300%, is there still room to grab Anthropic and Polymarket's Pre-IPO?

The Pre-IPO track is entering its second half, where returns are being realized and closed-loop verification is taking place.

Last week, MSX Maitong's first Pre-IPO project, Cerebras (CBRS), completed a closed-loop verification: a full-chain closed loop from Pre-IPO subscription, IPO listing, to spot trading. Based on the initial subscription price of 100.35 U and the high point on the first day of listing, the comprehensive yield for participating users once exceeded 300%.

New targets are immediately taking over.

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

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

Especially for the two new targets, Anthropic and Polymarket, both have experienced valuation jumps of 10x or even higher in the past year. They respectively represent the most-watched productivity gateway in the AI era and the event pricing infrastructure in the prediction market. Is it worth participating?

I. Pre-IPO Completes Its First "Full-Cycle Closed-Loop" Verification

Over the past period, Pre-IPO has visibly become a new asset class for which on-chain US stocks and crypto trading platforms compete.

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

This is not hard to understand.

In traditional financial markets, early shares of top unlisted tech companies like Anthropic and SpaceX are often allocated to primary market funds and large institutions. Even if ordinary investors understand the trend, it's difficult for them to get a corresponding entry point. They often have to wait until the IPO or public trading stage, but by then, the company's valuation has usually been adjusted upward multiple times, and the investment dividend has significantly diminished.

Therefore, in the past two months, since MSX Maitong launched its Pre-IPO product in early March, almost all major trading platforms have begun to cover popular private companies with their products. Although the product implementation logic varies, they all essentially aim to meet users' demand for "early access to high-quality assets."

However, as more and more platforms enter the Pre-IPO track, the focus of competition is also beginning to shift.

The first half was about who could cover popular names faster; the second half is truly about who can provide a clearer and more complete product chain. Although users can subscribe with a relatively low threshold, can the target seamlessly connect to spot trading after listing? Specifically, is the exit and settlement path clear? Does the platform have real cases to verify this?

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

After MSX Maitong's first Pre-IPO phase opened on March 2, participating users subscribed to CBRS Pre-IPO shares at a price of 100.35 U. When Cerebras listed on Nasdaq, the MSX platform also went live with the spot trading of CBRS.M on the same day. This provided a subsequent trading and exit path for the assets held by Pre-IPO users. Calculated based on the high point of the first trading day, the comprehensive yield for participating users once exceeded 300%.

This means that MSX's Pre-IPO Phase I verified not just the selection ability for a specific project, but an entire product mechanism covering subscription, holding, listing, spot trading, and stablecoin settlement, all integrated into a executable chain.

More importantly, the time frame for this sample was not long: from the Phase I subscription to the Cerebras listing, it 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 is not just about "bringing in two more hot targets," but feels more like the beginning of a continuous realization of Pre-IPO dividends.

II. Anthropic and Polymarket: Two "Red-Hot Stars" with Soaring Valuations

The most noteworthy aspect of MSX Maitong's Pre-IPO Phase II 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 the prediction market and event pricing infrastructure. They are the leading players in the hottest tracks of the "Internet" and "Web3" industries respectively.

What's particularly interesting is that both have experienced significant valuation jumps over the past year, which is why they are placed together in this 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, Anthropic's attention in the capital market over the past year or so has largely stemmed from its extremely rapid valuation jump. Looking purely 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, its valuation rose to $183 billion.

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

• According to recent reports from Bloomberg and other media, it is currently pursuing a new round of funding valued at over $900 billion.

This means that in 14 months, Anthropic's valuation surged from $61.5 billion towards the trillion-dollar mark, an approximately 15-fold increase. Even within the most aggressive primary market AI cycles, this curve represents an extreme sample.

Behind this is not just capital's enthusiasm for AI, but a change in the pricing logic for 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 phase's more core variable is becoming whether models can truly integrate into enterprise workflows and become part of the productivity infrastructure.

For instance, Claude's greatest advantage is that it is no longer just a chat tool. It is entering scenarios involving code processing, enterprise collaboration, and intelligent agent execution. The growth of products like Claude Code, in particular, extends Anthropic's potential from general AI applications further into developer productivity and enterprise software infrastructure.

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

Of course, Anthropic is a typical target with high certainty, high attention, and high valuation. The key is not just to look at the current valuation, but to see if it still lies on the main track of long-term capital narrative and industrial expansion. Especially at this juncture, just one step away from a trillion-dollar valuation, whether it moves towards an IPO, an acquisition, or remains private, Anthropic's current valuation level is likely to become an important reference anchor that the market will revisit repeatedly.

2. Polymarket: The Prediction Market Evolves from a Crypto Application to an Information Pricing Layer

Compared to Anthropic, Polymarket's story is more crypto-native, but its potential is not limited to the crypto industry.

Polymarket's core application scenario is allowing users to express their judgment on real-world event outcomes through market prices. Political elections, macroeconomic policies, sports events, geopolitical conflicts, tech product launches, and regulatory results can all be converted into tradable probabilities.

This differs from stocks, bonds, and commodities in traditional financial markets. In the past, understanding real-world events relied mainly on media reports, polls, or 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.

It's worth noting that, like Anthropic, it has also experienced a rapid valuation jump:

• 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, citing The Information, reported that Polymarket was in talks for a $400 million funding round, valuing it at approximately $15 billion.

This means that in less than a year, Polymarket rapidly jumped from a valuation of around $1 billion to the $15 billion level. Compared to traditional crypto applications, this is no longer just a story about trading volume or user growth; it's a process of re-pricing the prediction market as a new type of information infrastructure.

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

So, although Anthropic and Polymarket are in different industries, they have both become some of the most representative premier assets in their respective directions. Having experienced extremely rapid valuation jumps in the past year, this is the underlying logic behind MSX Pre-IPO Phase II placing them side-by-side.

III. Pre-IPO Isn't Just About an Entry Point; It Needs an Exit Too

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

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

The complete CBRS.M chain proved that MSX Pre-IPO is not simply about providing a "conceptual share." Instead, it established a workable product mechanism around subscription, holding, listing, spot trading, and stablecoin settlement. Users can choose to continue holding after the target lists or complete their exit by trading on the spot market.

This is the key difference between Pre-IPO products and mere synthetic assets or price speculation games. It can provide users with a clear, executable path when the target lists, converts, or redeems. For example, MSX Maitong's Pre-IPO Phase II also continues with relatively clear exit arrangements. According to product rules, apart from participating in the subscription, users can also watch for two key milestones:

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

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

The significance of this design is that it doesn't just offer users a "story to buy in." Instead, it incorporates the subsequent exit path into the product structure from the very beginning of the subscription. For an asset like Pre-IPO, which naturally has a longer cycle and higher information uncertainty, clear redemption and conversion rules are, in themselves, an important part of a user's judgment of a platform's credibility.

From this perspective, CBRS.M's Alpha effect is not an isolated event but an external verification of the entire industry's Pre-IPO product capability. Therefore, the significance of Maitong Pre-IPO Phase II's Anthropic and Polymarket lies in further expanding this asset boundary based on this foundation: extending from AI chip infrastructure 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 entry point for the on-chain US stock ecosystem. After all, it can meet users' demand for participating in early-stage high-quality assets while also enriching the asset hierarchy of the RWA trading platform.

More noteworthy is that MSX Pre-IPO Phase II has not only launched these two high-attention targets, Anthropic and Polymarket, but also offers some attractiveness in terms of price and valuation.

Based on observable quotes from similar Pre-IPO platforms currently on 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 these platforms. Some trade as spot assets, while others provide price exposure through synthetic assets or perpetual contracts. When users actually participate, they don't just see "whether the target is available" but also "at what price they can participate."

In this regard, MSX Phase II offers an Anthropic subscription price of 855U, corresponding to a platform subscription valuation of $950 billion for this phase; a Polymarket subscription price of 152U, corresponding to a platform subscription valuation of $15 billion. Compared to quotes and valuation anchors on some other similar platforms currently on the market, MSX's subscription prices for both targets are in a relatively lower range, still providing users with a relatively attractive entry price and a clear product structure. For an asset like Pre-IPO, which is naturally high-volatility, high-attention, and high-valuation-elasticity, the entry price itself directly impacts the subsequent risk-reward ratio.

Overall, Cerebras allowed on-chain Pre-IPO to complete its first truly meaningful verification.

It proved not just the selection judgment for a specific target, but the feasibility of the entire product mechanism. From subscription, holding, listing, and spot trading to final stablecoin settlement, this chain was truly run for the first time in the context of a top-tier tech stock IPO. It also provided a more intuitive understanding for everyone that once entry points to early-stage high-quality assets like Cerebras are on-chain, their yield elasticity and potential 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 targets representative of the era and convert them into product entry points accessible to ordinary users.

This is more difficult to replicate than 300%, and it's 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 scrutiny and deliver a near-perfect answer, the market will decide.