Menlo Ventures' Matt Murphy explains what AI startups founders must do differently
Anthropic leaped to a $47 billion revenue run rate by May, compared to $9 billion in 2025. It's the kind of growth that Menlo Ventures' Matt Murphy says he's never seen in 25 years of investing, not in the internet wave, not in mobile, not in the first cloud boom. Menlo led Anthropic's $500M Series D, and Murphy has had a front-row seat as the company went from a pre-revenue, [...]
Key Takeaways
- Anthropic leaped to a $47 billion revenue run rate by May.
Menlo Ventures' Matt Murphy tells Equity it's the kind of growth curve he's never seen in 25 years of investing.
- Menlo led Anthropic's $500M Series D, and Murphy has had a front-row seat as the company went from a pre-revenue, pre-launch bet to one of the most valuable startups out there.
On this episode of TechCrunch's Equity podcast, Julie Bort talks with Murphy about backing Anthropic before anyone else would, why a great model was never the point, and what's driving the fastest-growing startups he's ever seen.
- Why Murphy says the model was never the real moat, and how Claude Code, MCP, and Claude Skills turned Anthropic from a strong model into a full platform.
Murphy's take on the backlash to Anthropic's Mythos rollout, and why he pushes back on the idea that it was more marketing than safety.
- You also can follow Equity on X and Threads , at @EquityPod.
Theresa Loconsolo Audio Producer Theresa Loconsolo is an audio producer at TechCrunch focusing on Equity, the network's flagship podcast.
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Stats & Key Facts
- #Anthropic leaped to a $47 billion revenue run rate by May, compared to $9 billion in 2025.
- #It's the kind of growth that Menlo Ventures' Matt Murphy says he's never seen in 25 years of investing, not in the internet wave, not in mobile, not in the first cloud boom.
- #Menlo led Anthropic's $500M Series D, and Murphy has had a front-row seat as the company went from a pre-revenue, [...]
- #Anthropic leaped to a $47 billion revenue run rate by May.
Anthropic leaped to a $47 billion revenue run rate by May. Menlo Ventures' Matt Murphy tells Equity it's the kind of growth curve he's never seen in 25 years of investing. Theresa Loconsolo , Julie Bort Jul 22, 2026 Anthropic leaped to a $47 billion revenue run rate by May, compared to $9 billion in 2025.
It's the kind of growth that Menlo Ventures' Matt Murphy says he's never seen in 25 years of investing, not in the internet wave, not in mobile, not in the first cloud boom. Menlo led Anthropic's $500M Series D, and Murphy has had a front-row seat as the company went from a pre-revenue, pre-launch bet to one of the most valuable startups out there. On this episode of TechCrunch's Equity podcast, Julie Bort talks with Murphy about backing Anthropic before anyone else would, why a great model was never the point, and what's driving the fastest-growing startups he's ever seen.
Listen to the full episode to hear more about: Why Menlo bet on Anthropic at a $4 billion pre-revenue valuation when the deal didn't fit cleanly into any of the firm's funds, and why Google and Amazon signing on as investors was an early "green shoot." Why Murphy says the model was never the real moat, and how Claude Code, MCP, and Claude Skills turned Anthropic from a strong model into a full platform. Murphy's take on the backlash to Anthropic's Mythos rollout, and why he pushes back on the idea that it was more marketing than safety.
For more details please read the original article at TechCrunch AI.
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