Menlo Ventures raises $3B to fuel AI startups ahead of Anthropic's 2026 IPO

Menlo Ventures has secured $3 billion in new capital, marking its largest fundraising in 50 years. The firm plans to focus on AI-driven startups with this fresh injection. The move comes as one of its portfolio companies, Anthropic, prepares for a potential IPO in 2026. The new capital will be split into two funds. Menlo Ventures XVII will target seed and Series A startups, while Menlo Inflection IV will support growth-stage companies. This division reflects the firm’s strategy to back AI innovation at every stage.

Menlo Ventures first backed Anthropic in 2023, when the company had no product or revenue. It later led Anthropic’s Series D round after initially investing in its Series C. Anthropic has since grown rapidly, surpassing OpenAI in valuation and reaching $965 billion.

Anthropic’s planned IPO in 2026 could value the company at $1 trillion or more. If successful, it would become the largest exit for any Menlo Ventures portfolio company. Beyond Anthropic, the firm has a strong track record, with investments in Uber, Roku, Warby Parker, Siri, and Gilead Sciences. The $3 billion funds will fuel Menlo Ventures’ push into AI startups. Anthropic’s upcoming IPO could set a new benchmark for the firm. The new capital also signals confidence in the long-term growth of AI-driven businesses.