After the success of Rush, the band was offered a two record deal with the Polygram Group and signed with Polygram's Mercury Records in 1974. Moon Records folded as a label and transformed in 1974 from an independent record label to a music production company. Anthem Records would become Rush's label in Canada.
Neil Peart of Rush, who joined the band after its Moon Records period, said about the experience of releasing the debut of the band:
"When we started no record company would touch us, and the only way we could get a record released was by putting it out ourselves on an independent label, which is pretty pathetic when you think about us being the biggest band Canada has produced. It makes you a little bit cynical about the whole thing."
With Moon Records acting as a production company for Rush, Ray Danniels, Rush's manager also launched Taurus Records (1973–1977).