Eminent, a son of the legendary Frankel, ran out an impressive winner of the Craven Stakes at Newmarket.
The colt, an 8-1 chance ridden by Jim Crowley for trainer Martyn Meade, powered clear of Rivet to win by a length and three quarters.
Bookmakers reacted by cutting Eminent to about 10-1 (from 25s) for next month's 2000 Guineas and the Derby at Epsom in June.
"I can hardly speak it is so exciting. He's very special," said Meade.
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This is the first year Frankel's offspring, as three-year-olds, could potentially line up for Classic races such as the Guineas and Derby.
Frankel, 2000 Guineas winner in 2011, was retired to stud the following year after winning all 14 of his races.
Eyes On Events racing correspondent Cornelius Lysaght
A significant result this a) because of the manner of the performance and b) because of the winner's pedigree.
In September, Eminent won his debut - and only race before now - impressively giving his owner and trainer the chance to dream that their two-year-old was something special.
Here, he demonstrated he quite likely is indeed that, running down a Group One race winner in Rivet in striking style.
It's the 2000 Guineas next, all flags flying, meaning the ever-iconic Frankel has a decent chance of fathering his first British Classic winner in his first season with three-year-olds.