After CBRS surged 300%, is there still a chance to participate in Anthropic and Polymarket's Pre-IPO?

Source: MSX Wheat

The Pre-IPO track is now entering the second half, embracing profit-taking and closed-loop validation.

Last week, MSX Wheat's first-phase Pre-IPO project Cerebras (CBRS) completed the only closed-loop validation in the industry to date: from Pre-IPO subscription, IPO listing to spot trading, with a comprehensive user return rate exceeding 300% calculated from the initial subscription price of 100.35 U and the listing day's high point.

A new target quickly followed suit.

On May 16, 2026, MSX Pre-IPO Phase 2 officially opened for subscription, with Anthropic and Polymarket as targets—among them, Anthropic had a subscription price of 855U, corresponding to a valuation of $950 billion; Polymarket had a subscription price of 152U, corresponding to a valuation of $15 billion.

This was not a regular asset launch. For users who participated in the first-phase Pre-IPO, with the example of CBRS.M that completed the process from subscription to listing in just over two months, clearer reference coordinates have been provided for subsequent Pre-IPO projects.

Especially for Anthropic and Polymarket, these two new targets have experienced valuation leaps of 10 times or more over the past year, representing the most attention-grabbing productivity gateway in the AI era and the event pricing infrastructure in the prediction market. Is it worth participating?

I. Pre-IPO, Completing the First "Full Process Closed-Loop" Validation

Recently, Pre-IPO has visibly become a new asset category fought over by on-chain equities and cryptocurrency trading platforms.

From SpaceX, OpenAI, Anthropic, to Cerebras, Polymarket, top unlisted companies have long been the core targets covered by various platforms, corresponding to the most sought-after directions of global capital such as AI, aerospace, defense technology, and prediction markets. They also represent high-quality assets that ordinary investors have long found it difficult to directly access.

This is not hard to understand.

In the traditional financial market, top unlisted tech companies like Anthropic and SpaceX often have their early shares divided among first-market funds and large institutions. Even if ordinary investors understand the trend, they find it challenging to access corresponding entry points. They often have to wait until the IPO or public trading stage to participate, but by this stage, the company's valuation has usually undergone multiple rounds of increases, and the investment returns have significantly diminished.

So in the past two months, starting from MSX Mayton's launch of the Pre-IPO product in early March, almost all mainstream trading platforms have begun to revolve around popular pre-listed companies for product coverage, although the product implementation logic may vary, they are essentially to meet users' demand for "early access to quality assets."

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

The first half of the game was about who could quickly cover popular names, while the real competition in the second half is about who can provide a clearer and more complete product chain — although users can complete the subscription relatively easily, can the underlying asset smoothly transition to spot trading after listing? Especially, is the exit and settlement path clear, and has the platform been validated by real case studies?

It wasn't until last week that CBRS.M appeared, providing a specific reference sample at this juncture.

On March 2nd, after the first phase of MSX Mayton's Pre-IPO opened, participating users subscribed to CBRS's Pre-IPO shares at a price of 100.35U. As Cerebras landed on NASDAQ, the MSX platform also launched CBRS.M spot trading on the same day, allowing Pre-IPO users to obtain follow-up trading and exit paths for the assets held. Based on the peak price on the first day of listing, the comprehensive yield of participating users once exceeded 300%.

This means that the first phase of MSX Mayton's Pre-IPO not only validated the selection capability of a single project but also an entire set of product mechanisms covering subscription, holding, listing, spot trading, and stablecoin settlement, all of which have been incorporated into an executable chain.

More importantly, the appearance of this sample has not been long: from the initial subscription to Cerebras' listing, just over two months have passed. The Alpha effect has been rapidly magnified by the market. It is also because of this sample that the listing of Anthropic and Polymarket is not just "two hot assets coming again" but more like the beginning of continuous Pre-IPO dividends.

II. Anthropic and Polymarket, two "hot chicken" with soaring valuations

The most noteworthy aspect of the second phase of MSX Mayton's Pre-IPO is that Anthropic and Polymarket represent two extremely representative asset directions.

Anthropic represents the productivity gateway of the AI era, while Polymarket represents the prediction market and event pricing infrastructure, each being the current leader in the hottest tracks of the "Internet" and "Web3" industries.

Both have seen a significant valuation surge in the past year, making it particularly interesting to see them placed in the same Pre-IPO period.

1. Anthropic: 15 Months, From $615 Billion to Nearly $1 Trillion

First up is the well-known Anthropic.

In addition to the AI business model innovation brought by Claude Code, over the past year, the attention Anthropic has attracted in the capital markets has largely been driven by its rapid valuation surge. Looking solely at the numbers, it's been a very steep curve:

• In March 2025, Anthropic announced a $35 billion funding round, valuing the company at $615 billion post-money;
• By September 2025, the valuation had risen to $1.83 trillion;
• In February 2026, another $300 billion funding round was completed, pushing the valuation to $3.8 trillion;
• And according to recent reports from Bloomberg and other media, it is now in the process of a new funding round at over $900 billion.

In other words, in 14 months, Anthropic has gone from a $615 billion valuation to approaching the trillion-dollar threshold, a valuation increase of about 15 times. Even in the most aggressive AI cycles in the primary market, this curve is considered an extreme example.

Behind this surge is not just capital chasing AI enthusiasm, but also the changing pricing logic of the AI industry. It is well known that the early market focus was on model capabilities, followed by attention to computing power reserves, engineering efficiency, and speed of commercialization. The next crucial variable that is now emerging revolves around whether models can truly enter enterprise workflows and become part of the productivity infrastructure.

For example, Claude's biggest advantage lies in the fact that it is no longer just a chat tool, but is now entering code processing, enterprise collaboration, and intelligent agent execution scenarios. Particularly, the growth of products like Claude Code has expanded Anthropic's imagination from general AI applications to further encompass developer productivity and enterprise software infrastructure.

In other words, Anthropic's valuation imagination stems not only from the "Claude is very useful" aspect, but from its potential to become a key productivity entry point in the AI-native era. This is also a core logic behind this issue's Pre-IPO choice of Anthropic, as it sits at the most critical layer of AI applications, with strong product mindset, 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 to look at the current valuation, but to see if it is still on the main line of the long-term capital narrative and industry expansion, especially at a point where it is just a step away from a trillion-dollar valuation. Whether it proceeds to an IPO, acquisition, or maintains its private status, Anthropic's current valuation level could be an important reference anchor for the market to revisit.

2. Polymarket: Predictive Markets Moving from Crypto Applications to Information Pricing Layer

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

Polymarket's core use case is to enable users to express judgment on real-world event outcomes through market prices, such as political elections, macro policies, sports events, geopolitical conflicts, tech product launches, and regulatory outcomes, all of which can be transformed into tradable probabilities.

This is different from traditional financial markets such as stocks, bonds, and commodities. In the past, market understanding of real-world events relied mainly on media reports or polls/research reports. However, this information often suffers from lag, biases, or noise. The uniqueness of predictive markets lies in allowing different participants to directly convert judgment into price, forming a real-time changing probability signal.

It is worth noting that, similar to Anthropic, Polymarket also went through a rapid valuation leap:

• In 2024, Polymarket completed a $70 million financing round;
• In June 2025, it raised $200 million, surpassing a $1 billion valuation;
• In October 2025, NYSE parent company ICE invested up to $2 billion, corresponding to a valuation of approximately $8 billion;
• In April 2026, Reuters cited The Information's report stating that Polymarket is in talks for a $400 million financing round, with an estimated valuation of around $15 billion;

This means that in less than a year, Polymarket surged rapidly from a $1 billion-level valuation to a $15 billion-level valuation. Unlike traditional Crypto applications, this is no longer just a story of trading volume or user growth, but a revaluation process of this new type of information infrastructure called predictive markets.

This is also why Polymarket has been continuously attracting attention over the past few years. It is not only a native crypto application but also inherently linked 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 are in different industries, they have both become one of the most representative top assets in their respective directions. Over the past year, they have experienced rapid valuation leaps, which is also the underlying logic for MSX Pre-IPO Phase 2 to place them side by side.

III. Pre-IPO Requires Not Only an Entry Point but also an Exit Point

Returning to the Cerebras case, the reason it is worth mentioning again before Phase 2 listing is not because every Pre-IPO project can replicate the short-term price surge of CBRS.M, but because it validates a fundamental issue of Pre-IPO products: whether they can complete a closed loop from subscription to exit.

After all, for users, the low-threshold entry provided by Pre-IPO is helpful, but what is more critical is whether it can ensure the completion of the exit loop from subscription to exit.

The complete cycle of CBRS.M proves that MSX Pre-IPO does not simply provide a "conceptual share" but rather establishes a set of landable product mechanisms around subscription, holding, listing, spot trading, and stablecoin settlement. Users can choose to continue holding after the target is listed or exit through spot market transactions.

This is also the key difference of Pre-IPO products from purely synthetic assets or price speculation. It provides users with a clear and executable path when the target is listed, converted, or redeemed. Like MSX Matron Pre-IPO Phase 2, it also continues relatively clear exit arrangements — according to product rules, users can pay attention to two key points in the future after participating in the subscription:

• Firstly, if the target subsequently completes an IPO, they will automatically enter the post-IPO redemption/conversion process according to the platform rules;
• Secondly, if the target has not yet IPO'd, users can also apply for redemption according to the platform rules after 00:00 on August 20, 2026 (specific execution method subject to MSX platform page rules);

The significance of this design is that it does not just give users a "buying story" but incorporates the subsequent exit path into the product structure from the beginning of subscription. For assets like Pre-IPO that naturally have a longer cycle and higher information uncertainty, clear redemption and conversion rules are themselves an important part of users' judgment of platform credibility.

From this perspective, the Alpha effect of CBRS.M is not an isolated event, but rather an external validation of the entire industry's Pre-IPO product capability. Therefore, the second phase of MaTong's Pre-IPO with Anthropic and Polymarket aims to further open up this asset boundary: from AI chip infrastructure to extending to AI application gateways and prediction market infrastructure.

Objectively speaking, when high-quality targets, a clear exit path, and a stablecoin trading experience are combined, Pre-IPO has the opportunity to become a significant incremental entry point for the on-chain stock market ecosystem. After all, it can meet users' demand to participate in early-stage high-quality assets and enrich the asset hierarchy of the RWA trading platform.

Of particular note, the MSX Pre-IPO second phase has not only listed the highly-watched Anthropic and Polymarket targets, but also offers some attractiveness in terms of price and valuation.

Based on similar Pre-IPO prices observable in the current market, Anthropic and Polymarket have become popular unlisted assets covered by multiple platforms. However, there are significant differences in price, trading methods, and underlying structures among platforms. Some platforms trade in spot form, while others offer price exposure in synthetic assets or perpetual contracts. When users actually participate, what they see is not only "whether this target is available" but also "at what price to participate."

In this regard, the MSX second phase offers an Anthropic subscription price of 855U, corresponding to a platform's current subscription valuation of $950 billion; Polymarket subscription price of 152U, corresponding to a platform's current subscription valuation of $15 billion. Compared to quoted prices and valuations of similar class platforms in the current market, the subscription prices for the two targets on MSX are in a relatively lower range, still providing users with relatively attractive entry prices and a clear product structure. For assets like Pre-IPO, which are inherently highly volatile, highly watched, and highly valued, the entry price itself will directly affect the subsequent risk-return ratio.

Overall, Cerebras has enabled the on-chain Pre-IPO to achieve its first true validation.

It proves not only the selection judgment of a specific target but also the feasibility of the entire product mechanism. From subscription, holding, listing, spot trading to final stablecoin settlement, this chain was truly run for the first time in a top-tier tech stock IPO scenario. It has also allowed everyone to more intuitively feel that once early-stage quality asset entries like Cerebras are tokenized, their return elasticity and imaginative space are no less than any native on-chain asset.

However, what truly determines the long-term value of a 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 times and turn them into products that ordinary users can participate in.

This is something that is more difficult to replicate than a 300% increase and is more worthy of attention than any single revenue number.

The arrival of Anthropic and Polymarket is the second answer given by MSX Pre-IPO, and as for whether it can continue to withstand validation, it also gives a nearly perfect answer.

The answer is left to the market.