Anthropic surged to a $47 billion revenue run rate by May, compared to $9 billion in 2025. It’s the type of growth that Menlo Ventures’ Matt Murphy claims he’s never experienced in 25 years of investing, not in the internet wave, not in mobile, nor in the initial cloud boom. Menlo guided Anthropic’s $500M Series D, and Murphy has had a front-row view as the company changed from a pre-revenue, pre-launch gamble to one of the most valuable startups out there. 

In this episode of TechCrunch’s Equity podcast, Julie Bort engages with Murphy about supporting Anthropic before others would, the reasons a strong model was never the main focus, and what’s propelling the fastest-growing startups he’s ever witnessed. 

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