Menlo Ventures’ Matt Murphy explains why Anthropic is winning (and it’s not the model)

Menlo Ventures' Matt Murphy has witnessed unprecedented growth in Anthropic, which reached a $47 billion revenue run rate by May, a significant increase from $9 billion in 2025. Murphy, with 25 years of investing experience, has never seen such rapid growth, surpassing that of the internet wave, mobile, and the first cloud boom. Menlo Ventures led Anthropic's $500M Series D, giving Murphy a unique perspective on the company's development from a pre-revenue stage. According to Murphy, Anthropic's success can be attributed to factors beyond its model, although the specific reasons are not disclosed.

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