Menlo Ventures discusses Anthropic, Lovable’s $13B valuation and $3B carry
mmurph · x · 2026-07-27
A Menlo Ventures partner discusses AI investing after being named among the firms that “crushed this wave” of AI venture capital.
The conversation covers:
- the backstory behind Menlo’s investment in Anthropic
- how Menlo operates as a team
- changes in the venture landscape
- whether open source can cannibalize Anthropic’s business
- Lovable’s path at a $13B valuation
- whether OpenRouter’s routing layer is a moat or a commodity
- what it means when a partnership can generate $3B in carry
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