The 50-year-old firm had some lean years before scoring big on the AI leader & several other rising stars

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.

As Anthropic prepares to go public, Menlo Ventures will be one of the biggest winners, turning an estimated $1 billion stake into around $14 billion.