It's the most exhilarating finish in racing, and Chautauqua has delivered it again to win back-to-back TJ Smith Stakes.

On a day where Winx entered the realm of racing's champions, Chautauqua stamped himself as a two-time hero of Australia's premier weight-for-age sprint by winning from an almost impossible position.

Chautauqua gave away 12 lengths to the leaders as he settled last in the $2.5 million sprint at Randwick on Saturday.

With a mountain to climb at the 300m, Chautauqua unleashed his trademark finish, reeling in a quality field and drawing away to a 1-1/4 length win.

"He just does stupid things this horse," co-trainer Michael Hawkes said.

"It's ridiculous to reel off the sort of sectionals that he does."

It was an emphatic answer for any doubters of the five-year-old.

Hawkes said on returning to weight-for-age conditions from defeat in the Newmarket Handicap last start, Chautauqua's performance was phenomenal.

"The older this horse has got the better he has got and that just doesn't happen, it's crazy really."

Managing owner Rupert Legh said "there is only one Chautauqua".

"It stirs the emotions in your body to think can he do it again but he does it every time doesn't he?" Legh said.

The win sets up a mouth-watering clash with Buffering in the Group One Chairman's Prize Sprint at Sha Tin on May 1, with the possibility of a trip to Royal Ascot not ruled out.

The TJ Smith win gave Jockey Tommy Berry a winning treble, adding to his success in the Group One Australian Derby and the Country Championships Final.

"He's just a machine," Berry said.

"It's not that initial part when he takes off.

"Sort of halfway down the straight he lets go and you're like 'am I going to get them?' And then that last 100m Jesus he goes."

Having his first start at weight-for-age, Fell Swoop finished second.

"He ran out of his skin," trainer Matt Dale said.

"He's still not seasoned yet.

"It took a champion to beat us and he's doubled his prize money with his second."