Observed Signal · Jun 23, 2026 · Funding · Source: techcrunch · Impact: 3/5 · Sentiment: Positive
Menlo Ventures Raises $3B Fund Backed by Anthropic Stake
Menlo Ventures announced a $3 billion fundraise, the largest in its 50-year history, driven largely by gains in its AI portfolio—most notably its stake in Anthropic, which sources say is now worth about $14 billion. Menlo made a headline-grabbing $750 million bet on Anthropic in 2024, structured with roughly $500 million as an SPV and about $250 million from Menlo’s fund and insiders. The firm later participated in Anthropic’s Series E and F and launched a $100 million ‘Anthology’ startup fund with Anthropic that has since deployed closer to $250 million and backed 60+ startups, producing exits such as Graphite (acquired by Cursor) and Astrix Security (acquired by Cisco). The raise underscores Menlo’s transition into a prominent AI-focused investor and the proliferation of AI SPVs in the market.
Large $3B fundraise driven by a major VC’s outsized AI gains (Anthropic stake ~ $14B) signals substantial capital flow into AI startups and could accelerate AI-related investments across tech sectors.
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Key Takeaways & Evidence Grounding
- Menlo Ventures announced a $3 billion fundraise, the largest in its 50-year history.
- Menlo’s stake in Anthropic is reported to be worth about $14 billion.
- In 2024 Menlo led a $750 million investment in Anthropic, structured with about $500 million in an SPV and $250 million from Menlo’s fund and insiders.
- Menlo participated in Anthropic’s Series E and F rounds after the 2024 investment.
- Menlo and Anthropic launched a $100 million 'Anthology' startup fund in 2024 that has since deployed roughly $250 million, backed 60+ companies, and produced exits including Graphite (acquired by Cursor) and Astrix Security (acquired by Cisco).
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Anthropic Secures $30 Billion, Valuation Soars to $380 Billion
Anthropic announced the close of a $30 billion funding round at a $380 billion post-money valuation. The round was led by Coatue and Singapore sovereign wealth fund GIC, with participation from D. E. Shaw Ventures, Dragoneer, Founders Fund, ICONIQ and MGX. Anthropic said the raise includes a portion of previously announced commitments from Microsoft (up to $5 billion) and Nvidia (up to $10 billion). The company reported annualized revenue of $14 billion (up from roughly $10 billion last year) and said Claude Code’s annualized revenue reached $2.5 billion. Anthropic plans to use the capital to expand infrastructure, research and enterprise-grade products; it also recently unveiled a new model, Claude Opus 4.6. The move follows similarly large rounds for OpenAI and reflects heavy capital flows into foundation-model AI development.
Menlo's Matt Murphy: Why Anthropic Is Winning
Menlo Ventures partner Matt Murphy discusses Anthropic’s rapid commercial growth on TechCrunch’s Equity podcast. Murphy, who led Menlo’s participation in Anthropic’s $500 million Series D, says Anthropic grew from a pre-revenue startup to a company with an estimated $47 billion revenue run rate by May (compared with $9 billion in 2025). In the interview with Julie Bort, Murphy explains that the company’s success was not solely about model architecture but about other business and go-to-market factors, and that the pace of growth is unprecedented in his 25 years of investing.
Anthropic Raises $65B, Nears $1T Valuation
Anthropic closed a $65 billion Series H at a $965 billion post-money valuation, a financing the company says may be its last private raise before an IPO. The round was co-led by Altimeter Capital, Dragoneer, Greenoaks, Sequoia Capital, Capital Group, Coatue, D1 Capital Partners and included institutional investors such as Baillie Gifford, Blackstone, Brookfield, D.E. Shaw Ventures, DST Global and Fidelity. Strategic infrastructure partners Samsung, SK Hynix and Micron also participated. The company said $15 billion of the round comprised previously committed hyperscaler investments — including $5 billion from Amazon. Anthropic released Claude Opus 4.8 on the same day and said it will use funds to expand safety research, compute for Claude, and scale products and partnerships. The startup reported a run-rate revenue above $47 billion and expects profitability following a projected revenue surge.
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