Step 1: The Calvin cycle begins when RuBisCO catalyses carboxylation of ribulose 1,5-bisphosphate (RuBP) using CO2.
The resulting 6 carbon compound is too unstable to persist and breaks apart into two 3 carbon acid molecules right away.
This 3 carbon acid, 3-phosphoglycerate, is therefore the earliest stable product of the cycle, before ATP and NADPH later reduce it to G3P (3-PGAl) and DHAP. Answer: 3-PGA.