Anthropic's success driven by factors beyond AI models, Menlo Ventures analyst explains

Anthropic has achieved extraordinary growth, reaching a $47 billion revenue run rate by May compared to $9 billion in 2025, representing unprecedented expansion that veteran investor Matt Murphy says exceeds anything he's witnessed in 25 years across internet, mobile, and cloud booms. According to Murphy, who led Menlo Ventures' $500M Series D investment, Anthropic's success isn't primarily driven by superior AI models but by other competitive advantages. The company's trajectory demonstrates a transformative shift in the AI industry's commercial viability and market dynamics.