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Menlo Ventures’ Matt Murphy on why Anthropic is winning (and it’s not the model) | Equity Podcast

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…

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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.

Subscribe to Equity on YouTube, Apple Podcasts, Overcast, Spotify and all the casts. You also can follow Equity on X and Threads, at @EquityPod.

Chapters:

00:00 Intro

0:30 Matt’s relationship with Anthropic post-Series D

3:26 The early Anthropic story: meeting Dario and the team

6:58 Anthropic’s runaway growth: $9B to $47B run rate

7:47 The three-part investment thesis: team, partners, capital

9:07 The real breakthrough: Claude Code, MCP, and Skills as “the harness”

11:41 Proprietary vs. open source

15:52 Addressing the Mythos “marketing stunt” criticism

18:25 The regulation debate and calls for an industry governance board

21:19 Portfolio spotlight: Lovable’s rise from open source to enterprise

25:05 Why AI startups are growing faster than SaaS ever did

30:20 Outro

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1 Comment

1 Comment

  1. @bennnbrown

    July 25, 2026 at 4:05 pm

    Respectfully, it felt like less than five minutes was spent on developing any questions for this interview

    Reply

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