It is possible to use the concatenate function or the "&" operator to build the desired text string. For polynomials, this is usually inadequate, because you cannot superscript a portion of a text string that is built by formula. If you can build the text string manually so you can enter it as a text literal, then you can superscript individual characters.
My personal preference is to have a table with a column for each term in the polynomial. The heading will show the power of x for that term and the table entry will show the coefficient:
When I decide that I must have a nice, algebraic text string for the function, I usually build the text string in a word processor (like Word), linking the appropriate elements of the formula to the appropriate cells in Excel. You could also use VBA (or other programming language) to build the text string, then paste it into a spreadsheet cell as a text literal and format the appropriate characters as superscript.
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