He did not. The first race in the Triple Crown is the Kentucky Derby. The Derby is restricted to three year olds. Seabiscuit was a late bloomer, when he was three he was lame and cranky due to overwork and excessive training. To compete at that level he would have had to be winning consistantly against some very tough competition.
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He did not. The Kentucky Derby is restricted to 3 year olds. Seabiscuit didn't really start winning until he was around five. As a young horse he did not show any promise as a great race horse.