Menlo Ventures’ Matt Murphy described Anthropic’s rapid growth as unprecedented, noting the company’s revenue reached $47 billion by May 2026, up from $9 billion in 2025. This level of expansion, Murphy said, was the fastest he had ever seen in 25 years of investing, surpassing previous waves in the internet, mobile, and cloud sectors. Menlo led Anthropic’s $500 million Series D round, giving Murphy a front-row view of the startup’s transformation from a pre-revenue bet to a top-tier company. The firm’s investment was made at a $4 billion pre-revenue valuation, a decision Murphy said was driven by Google and Amazon’s early support as investors.
Murphy emphasized that a strong model was not the core of Anthropic’s competitive advantage. Instead, the company evolved into a full platform through products like Claude Code, MCP, and Claude Skills. He also addressed the backlash surrounding Anthropic’s Mythos rollout, arguing that the initiative was more about safety than marketing. Murphy noted that companies like Lovable and Legora are growing at a pace faster than any startups he has seen, presenting a significant challenge for founders aiming to keep up.
Murphy’s insights come from an episode of TechCrunch’s Equity podcast, where he discussed the unique dynamics of AI startups and the strategies that have led to their rapid success.
Source: techcrunch
