The youngest horse in the race has upstaged his older and more experienced rivals to win the $14 million Everest at Randwick.

Yes Yes Yes, one of three runners for champion trainer Chris Waller, has beaten Australia's highest-rated sprinter Santa Ana Lane to claim the world's richest race on turf.

Sent out at $9, the three-year-old came out of the pack and widest of all under confident riding from Glen Boss to beat the $5.50 second favourite by half a length.

Trekking ($31), the last horse to gain a start via his win in the Schillaci Stakes was another long neck third while $5 favourite Arcadia Queen beat only Irish visitor Ten Sovereigns to the line.

But the honours were with the colt and Waller who has continued his dominance in his life without Winx.

"There is so much at risk. You have to go to the owners in Coolmore plus the original owners as he wasn't my horse," Waller said.

"You have to suggest it can win an Everest, you can't say you're going to run second and third. Then you have to go to the slot holder to choose it.

"To tell you the truth it was an amazing feeling. Where we've been with Winx, where she took us has set us up for days like this. She took us on an emotional ride."

Yes Yes Yes was originally trained by the now disqualified Darren Weir and Coolmore bought into him before the Golden Slipper in which he finished midfield on a rain-affected track.

While Waller did his best to keep his emotions in check, Boss was almost overcome.

"This takes me back to 05 (Makybe Diva's third Melbourne Cup)," he said.

"I feel electric. I don't know what to say. My body is on fire right now.

"Thanks to Chris Waller for putting his faith in me.

"I galloped Yes Yes Yes last week. He gave me goose bumps last week and today he has given me electric shocks."

"I was wary of these great sprinters. You can't give them too much of a start. He flew.

"I had a very good plan in my head about what I wanted to do. I just wanted to be behind the grey horse (Classique Legend), somewhere around Nash (Rawiller), that was my plan."

"He was taking me everywhere I wanted to go. When I peeled out three wide and when I asked him, his turn of speed was of Group One quality.

"That is an experience. That was one hell of an experience.

"This is about Chris Waller. This will mean a lot to him. He knows he has got a valuable, valuable colt here."

Coolmore's Tom Magnier has no doubts about the colt's value despite him not yet winning a Group One race and controversy over whether the Everest should be awarded that status.

"There was a question mark over was this a stallion making race and this colt has gone and beaten ethr best horses in Australia so it's a stallion making race now," he said.

Santa Ana Lane's rider Mark Zahra was proud of mount.

"He went super," Zahra said.

"The winner surprised me a bit how quickly it went. With the weight he put a little break on me. He ran really gallant my guy but I just couldn't reel him in."