Key takeaways
- Anthropic IPO expectations, Menlo Ventures’ Matt Murphy, and OpenAI skepticism highlight massive AI valuations unsettling VCs.
- Menlo is betting heavily on that infrastructure layer — compute, inference, routing, and optimization — which Murphy said has accounted for roughly 60% to 70% of the firm’s AI investments.
- When Ben asked how many people would invest in Anthropic at a $3 trillion valuation, the response was tepid, with most in the audience saying they would not buy Anthropic stock at that price.
We've been covering venture capital for a long time, but we've never seen a pace of dealmaking like this, with such eye-popping valuations. Each week, we'll make sense of the biggest stories in VC and get beyond the chatter to reveal what Silicon Valley's sharpest minds are actually thinking, not just what they're posting on X or LinkedIn.
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