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

Menlo Ventures 的 Matt Murphy 解析 Anthropic 为何能脱颖而出（原因并非模型本身）

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. 截至今年 5 月，Anthropic 的年化营收已跃升至 470 亿美元，而 2025 年仅为 90 亿美元。Menlo Ventures 的 Matt Murphy 表示，在他 25 年的投资生涯中，从未见过如此惊人的增长速度——无论是互联网浪潮、移动互联网时代，还是第一波云计算热潮，都无法与之相比。

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. Menlo 领投了 Anthropic 的 5 亿美元 D 轮融资。作为见证者，Murphy 近距离观察了这家公司从一个尚未产生营收、尚未发布产品的“赌注”，成长为当今最有价值的初创公司之一的全过程。

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. 在本期 TechCrunch 的《Equity》播客中，Julie Bort 与 Murphy 进行了深入探讨，内容涵盖了他在无人看好时投资 Anthropic 的决策过程、为何“出色的模型”从来都不是核心关键，以及是什么因素在驱动这些他所见过增长最快的初创公司。

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