Menlo’s prelaunch Anthropic bet, from a $4 billion valuation to an $18 billion round

On The Peel, Menlo Ventures partner Matt Murphy says the firm invested in Anthropic before its launch or revenue at a $4 billion valuation, hoping to lead a later round. He describes assembling a $500 million-plus special-purpose vehicle using Menlo fund and limited-partner capital to lead a round at an $18 billion valuation. Murphy says three limited partners had each made well over $1 billion at the valuation of Anthropic’s last round.