Anthropic's revenue growth outpaces internet and mobile booms, Menlo investor says

The more instructive angle here is not Anthropic's ARR figure but what Murphy's advice implies about the current vintage of AI startups: the operational playbook from the SaaS era is likely a liability, not a foundation, because the cost structure, iteration speed, and customer expectation curves are materially different.

Modelwire has no prior coverage to anchor this to directly, so this story sits largely on its own in our archive. It belongs to an emerging thread around how traditional venture pattern recognition is being stress-tested by AI's compression of normal scaling timelines. The relevant comparison class is not any single story we have covered but the broader question, surfaced repeatedly across the industry, of whether 2024-2026 AI infrastructure investment is being priced on sustainable unit economics or on the assumption that revenue velocity alone justifies valuation.

Watch whether Menlo Ventures leads or co-leads a Series A or B in a non-infrastructure AI startup within the next 12 months at a valuation that reflects Murphy's stated thesis. If the firm's actual check-writing diverges from the public advice, that is the more honest signal about where they see durable returns.