Anthropic jumped to $47 billion in sales through May, compared with $9 billion in 2025. Matt Murphy of Menlo Ventures says this is growth unlike anything we’ve seen in the last 25 years of investing, not the Internet wave, mobile or the first cloud boom. Menlo led Anthropic’s $500 million Series D, and Murphy had a front-row seat as the company grew from a pre-launch investment to one of the most valuable startups before it became profitable.
In this episode of TechCrunch’s Equity podcast, Julie Bort speaks with Murphy about how to support Anthropic before anyone else, why a great model is never more important, and what drives the fastest-growing startups he’s ever seen.
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