Anthropic turned Menlo Ventures' $1 billion investment into roughly $14 billion. But finding the next breakout AI startup will only get harder.

AI mega-IPOs could threaten venture-capital jobs. Anthropic IPO by December 31, 2026 at 66% YES.

AI mega-IPOs from SpaceX, OpenAI, and Anthropic are concentrating VC returns among just 20% of firms, leaving 3,000 venture funds scrambling for relevance.