The Pre-IPO track is entering the second half of profit realization and closed-loop verification.

Last week, MSX completed the only closed-loop verification in the industry to date for its first Pre-IPO project Cerebras (CBRS): from Pre-IPO subscription, IPO listing to spot trading, a full-chain closed loop, with the initial subscription price of 100.35 U and the first day listing high point calculated, the comprehensive yield for participating users once exceeded 300%.

New targets are also taking over immediately.

On May 16, 2026, MSX Pre-IPO Phase Two (https://msx.com/ipo?tab=2) officially opened for subscription, targeting Anthropic and Polymarket—with Anthropic subscription price at 855U, corresponding to a valuation of 950 billion USD; Polymarket subscription price at 152U, corresponding to a valuation of 15 billion USD.

This is not an ordinary asset debut. For those who participated in the first Pre-IPO, the CBRS.M serves as a running sample that was completed from subscription to market trading in just over two months, providing clearer reference points for subsequent Pre-IPO projects.

Especially with Anthropic and Polymarket, both new targets have experienced 10-fold or even higher valuation jumps over the past year, representing the most关注ed entrances to productivity in the AI era and the event-pricing infrastructure in the prediction market. Is it worth participating?

1. Pre-IPO, completing the first 'full-process closed-loop' verification

Recently, the Pre-IPO has visibly become a new asset class for on-chain US stocks and crypto trading platforms to compete for.

From SpaceX, OpenAI, and Anthropic, to Cerebras and Polymarket, leading unlisted companies have long been the core targets that various platforms are rushing to cover. The corresponding areas of AI, aerospace, defense technology, and prediction markets are the main focuses of global capital, representing high-quality assets that ordinary investors find challenging to access directly in the long term.

This is not difficult to understand.

In traditional financial markets, leading unlisted tech companies like Anthropic and SpaceX often have their early shares divided among primary market funds and large institutions, even if ordinary investors understand the trend, it is difficult for them to gain access, often having to wait for the IPO or public trading phase to participate, but by this stage, the company's valuation is typically adjusted multiple times, and investment dividends have drastically diminished.

Thus, over the past two months since MSX launched the Pre-IPO product in early March, almost all mainstream trading platforms have begun to cover popular unlisted companies, although the logic of product realization varies, the essence is to meet users' demand for 'early access to quality assets.'

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

The first half was about who could cover popular names faster, but in the second half, it is truly about who can offer a clearer and complete product chain—users may be able to complete subscriptions at relatively low thresholds, but can the targets really transition smoothly into spot trading after listing, especially regarding whether the exit and settlement pathways are clear and whether there are real cases for validation on the platform?

Until last week's introduction of CBRS.M, which provided a concrete reference sample at this point.

On March 2, after the launch of MSX's first Pre-IPO, participating users all entered the CBRS Pre-IPO share subscription at a price of 100.35U, and when Cerebras landed on Nasdaq, the MSX platform also launched CBRS.M spot trading that day, allowing assets held by Pre-IPO users to gain subsequent trading and exit paths, with the comprehensive yield for participating users at one point exceeding 300% calculated based on the first day peak listing price.

This means that MSX Pre-IPO verified not just the selection ability of one project, but an entire set of product mechanisms, covering subscription, position holding, listing, spot trading, and stablecoin settlement, all embedded into an executable chain.

More importantly, the time for this sample is not long: from the first subscription to the Cerebras listing, it was just over two months, with the Alpha effect being rapidly amplified by the market. It is precisely because of this sample that the introduction of Anthropic and Polymarket is not just about "two more popular targets" but more like the start of continuous Pre-IPO dividend realization.

2. Anthropic and Polymarket, two valuation-soaring 'hot items'

The most noteworthy aspect of MSX Phase Two (https://msx.com/ipo?tab=2) is that Anthropic and Polymarket respectively represent two highly representative asset directions.

Anthropic corresponds to the productivity entrance of the AI era, and Polymarket corresponds to the prediction market and event pricing infrastructure, representing the hottest tracks in the "Internet" and "Web3" industries currently.

Especially since both have welcomed significant valuation jumps over the past year, which is also the most interesting aspect of placing them in the same Pre-IPO phase.

1. Anthropic: 15 months, from 61.5 billion USD to nearly 1 trillion USD

First, there is the familiar name Anthropic.

Apart from the commercial model imagination brought by Claude Code, over the past year and more, the attention Anthropic has attracted in the capital market largely comes from its rapid valuation increases; if we only look at numbers, this is a very steep curve:

• In March 2025, Anthropic announced completing a 3.5 billion USD financing, with a post-money valuation of 61.5 billion USD;

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

• In February 2026, it completed another round of financing of 30 billion USD, pushing the valuation to 380 billion USD;

• And according to recent reports from Bloomberg and others, it is undergoing a new round of financing at over 900 billion USD;

In other words, in just 14 months, Anthropic’s valuation has surged from 61.5 billion USD to approach the 1 trillion USD mark, an approximate 15-fold increase—a curve that even in the most aggressive AI cycles in the primary market is considered an extreme sample.

This behind not just the capital's enthusiasm for chasing AI, but also signifies a shift in the pricing logic within the AI industry. It is well-known that initially, the market focused on model capabilities, then on computing power reserves, engineering efficiency, and commercialization speed, while the next core variable is becoming whether models can truly integrate into enterprise workflows and become part of productivity infrastructure.

For instance, Claude's greatest advantage is that it is no longer just a chatting tool but is entering scenarios like code processing, enterprise collaboration, and intelligent agent execution, especially with the growth of products like Claude Code, extending Anthropic’s imaginative scope from general AI applications further into developer productivity and enterprise software infrastructure.

In other words, Anthropic’s valuation imagination does not stem solely from "Claude being very useful," but from its potential to become a key productivity entrance in the AI-native era. This is also one of the core logics for choosing Anthropic for this Pre-IPO phase; it occupies a central position in the AI application layer, while also possessing a strong product mentality, strong user growth, strong infiltration into enterprise scenarios, and strong capital attention.

Of course, Anthropic is a typical high-certainty, high-focus, high-valuation target, and the key is not just to look at the current valuation, but to see if it remains on the main line of long-term capital narrative and industry expansion. Especially at a time when it is just one step away from a trillion USD valuation, no matter the path towards IPO, mergers, or continuing the private equity status, Anthropic’s current valuation level may become an important anchor for the market to look back on repeatedly.

2. Polymarket: prediction markets evolving from Crypto applications to information pricing levels

Compared to Anthropic, Polymarket's story leans more towards being Crypto-native, but its imaginative space is not limited to the crypto industry.

Polymarket’s core application scenario is to allow users to express their judgments on the outcomes of real-world events through market prices, such as political elections, macro policies, sports events, geopolitical conflicts, technological product launches, and regulatory outcomes, all of which can be translated into tradable probabilities.

This is different from stocks, bonds, and commodities in traditional financial markets. In the past, the market understood real-world events primarily through media reports or polls/research reports. However, this information often has delays, biases, or noise, whereas the unique aspect of a prediction market is that it allows different participants to directly convert their judgments into prices, forming a real-time changing probability signal.

It is worth noting that like Anthropic, it has also gone through a wave of rapid valuation jumps:

• In 2024, Polymarket completed 70 million USD in financing;

• In June 2025, completed 200 million USD in financing, with a valuation exceeding 1 billion USD;

• In October 2025, the parent company of the New York Stock Exchange, ICE, invested up to 2 billion USD, corresponding to a valuation of about 8 billion USD;

• In April 2026, Reuters quoted The Information reporting that Polymarket is negotiating a 400 million USD financing, with a valuation of about 15 billion USD;

In other words, within less than a year, Polymarket's valuation has rapidly jumped from the 1 billion USD level to the 15 billion USD level. Compared to traditional crypto applications, this is no longer just a story of trading volume or user growth, but rather a process of re-pricing a new information infrastructure in the prediction market.

This is also why Polymarket has continued to attract attention over the past few years; it is both a Crypto-native application and naturally connects with real-world events. As the market continues to expand, Polymarket has the opportunity to evolve from a crypto application to a pricing infrastructure for real-world events.

Thus, although Anthropic and Polymarket exist in different industries, they have both become among the most representative top assets in their respective directions and have experienced extremely rapid valuation jumps over the past year. This is the underlying logic for placing both in MSX Pre-IPO Phase Two.

3. Pre-IPO is not just about the entrance, but also requires an exit

Returning to the Cerebras case, its significance in being mentioned again before the launch of Phase Two is not because every Pre-IPO project can replicate the short-term increase of CBRS.M, but because it has verified a fundamental issue of the Pre-IPO product: Can a closed loop from subscription to exit be formed?

After all, for users, the low-threshold access provided by Pre-IPO is helpful, but whether it can guarantee a closed loop from subscription to exit is more crucial.

The complete link of CBRS.M demonstrates that MSX Pre-IPO is not merely providing a "conceptual share," but establishing a workable product mechanism around subscription, position holding, listing, spot trading, and stablecoin settlement, allowing users to choose to continue holding after the listing or complete a transaction exit via the spot market.

This is also the key distinguishing feature of Pre-IPO products compared to simple synthetic assets or price guessing; it can provide users with clear, executable paths during listing, conversion, or redemption. For example, MSX Pre-IPO Phase Two also maintains a relatively clear exit arrangement—according to the product rules, besides participating in the subscription, users can also pay attention to two critical nodes afterward:

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

• Second, if the target has not yet gone public before this, users can also apply for redemption according to platform rules after 00:00 on August 20, 2026 (specific execution method as per MSX platform page rules);

The significance of this design lies in that it does not just give users a "purchase story," but incorporates the subsequent exit paths into the product structure at the time of subscription. For assets like Pre-IPO that naturally have a longer cycle and higher information uncertainty, clear redemption and conversion rules are part of how users assess the 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, MSX Pre-IPO Phase Two's Anthropic and Polymarket further expand this asset boundary: from AI chip infrastructure to AI application entrance and prediction market infrastructure.

Objectively speaking, when high-quality targets, clear exit pathways, and stablecoin trading experiences combine, Pre-IPO has the opportunity to become an important incremental entrance to the on-chain US stock ecosystem, as it can meet users' demands for participating in early quality assets and enrich the asset levels of RWA trading platforms.

Importantly, MSX Pre-IPO Phase Two did not only launch the two high-attention targets Anthropic and Polymarket, but it also possesses certain attractiveness in price and valuation.

From the currently observable quotations of similar Pre-IPO projects in the market, Anthropic and Polymarket have become popular unlisted assets that multiple platforms are vying to cover. However, there are significant differences between the quotes, trading forms, and underlying structures across platforms. Some platforms trade in spot forms, while others offer price exposure in synthetic assets or perpetual contracts. When it comes to actual participation by users, what they see is not just "is there this target" but "at what price to participate."

In this regard, MSX Phase Two offers a subscription price of 855U for Anthropic, corresponding to an estimated valuation of 950 billion USD; the subscription price for Polymarket is 152U, corresponding to an estimated valuation of 15 billion USD. Compared to some quotes and valuation anchors from similar platforms currently in the market, MSX’s subscription prices for both targets are at relatively lower ranges, still providing users with appealing entry prices and clear product structures. For assets like Pre-IPO, which are inherently high volatility, high attention, and high valuation elasticities, the entry price itself directly impacts the subsequent risk-reward ratio.

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

It has proven not just the selection judgment of one target but the feasibility of an entire set of product mechanisms, from subscription, position holding, listing, spot trading to final stablecoin settlement; this chain was genuinely operationalized for the first time in the context of top tech stock IPOs, allowing everyone to feel for the first time that similar early quality asset entrances like Cerebras, once on-chain, don’t possess any less yield elasticity and imaginative space than any type of on-chain native asset.

However, what truly determines the long-term value of Pre-IPO is never just the short-term performance of one project, but whether the platform can continuously find high-quality targets that are representative of the era and turn them into accessible product entrances for ordinary users.

This aspect is much harder to replicate than 300% and merits even more attention than any single yield number.

The arrival of Anthropic and Polymarket is the second answer provided by MSX Pre-IPO, and whether it can withstand validation continues to offer an almost perfect response.

The answer lies with the market.

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