Anthropic raises $13B in Series F, valued at $183B

Congratulations to the Anthropic team on this incredible Series F raise! Their rise has been nothing short of historic: crossing $4.5B ARR this summer, serving 300K+ business customers worldwide, and now announcing a $13B Series F at a $183B valuation. When we first invested in 2023 (Series C), the company was pre-product and pre-revenue, but we believed in the incredible DNA of the founding team and the differentiation of their model. CEO Dario Amodei had led OpenAI’s GPT-2 and GPT-3 projects, and many of Anthropic’s founders were key contributors to those groundbreaking models. We anticipated two large independent winners would emerge in this space and Anthropic was destined to be one. From there our conviction grew. We led their Series D (early ramp) and continued to invest significantly through their Series E (epic ramp), and now their Series F (hyper scaling). Anthropic represents the largest single investment in Menlo’s history, and we couldn’t be happier. As investors–and also partners on the $100 million Anthology Fund–we've had the privilege of watching them push the boundaries of AI model performance, functionality, and safety. Today, they are a dominant force in the industry, as thousands of developers and Fortune 500 companies choose to standardize on Claude. It’s been a rapid ascent: Two years ago, OpenAI dominated the enterprise market, but in July our Mid-Year LLM Market Update revealed that Anthropic had overtaken OpenAI in the enterprise market (Anthropic enjoys a 32% share vs. 25% for OpenAI). The most exciting thing is how far they've come in a relatively short period of time, especially given how quickly this market moves and how enormous it has become. This isn't just a funding milestone, it’s a pivotal moment for the AI ecosystem and the tech market in general. Anthropic's models, commitment to trust and safety, and maniacal focus on developer experience continue to set the standard for the industry. We're proud to continue supporting Dario Amodei, Daniela Amodei, and the incredible Anthropic team in the next chapter of this amazing journey.