Menlo Ventures: Anthropic hit $47B revenue run rate — growth unlike anything in 25 years

Anthropic reached an annualised revenue run rate of $47 billion by May 2025, up from $9 billion earlier in 2025. Menlo Ventures' Matt Murphy, who led Anthropic's $500M Series D round, says he has never seen growth like this in 25 years of investing — not during the internet, mobile or cloud booms. Murphy argues that Anthropic's edge is not just its AI model.