[2] Monarchos raced twice as a two-year-old, finishing eighth at Keeneland Racetrack on October 7, and third at Churchill Downs on November 24.
"[6] Bill Nack, writing in Sports Illustrated, was equally enthusiastic, calling the win "electrifying" and drawing comparisons with other famous grays such as Spectacular Bid and Holy Bull.
Chavez sent the gray colt to the lead a furlong from the finish, and Monarchos pulled clear to win by almost five lengths from Invisible Ink, with Congaree third and the favored Point Given fifth.
[9] In the Preakness Stakes, Monarchos was outrun in the early stages and finished sixth of the eleven runners behind Point Given.
Some time after the race, it was discovered that Monarchos had sustained a hairline fracture to his right knee, which ruled him out for the rest of the season.
[4] Monarchos was scheduled to return as a four-year-old with the Donn Handicap as his first target, but, after running third in a prep race, he injured a tendon in training in January 2002 and was retired.