Zoom’s quiet $51M investment in Anthropic could be worth $4B as IPO buzz pushes shares up 11%

Zoom shares jumped 11% Monday after analysts at Baird flagged a quiet investment that may turn into one of the company’s most lucrative moves since the pandemic boom. According to a CNBC report, a $51 million stake in AI startup Anthropic, acquired through Zoom Ventures in 2023, could now be worth between $2 billion and $4 billion, depending on dilution.

The investment came to light after Anthropic publicly disclosed a partnership with Zoom in May 2023. Financial details were left out at the time. Zoom later reported $51 million in “strategic investments” during that quarter, according to a filing with the U.S. Securities and Exchange Commission. Baird’s analysts believe all, or nearly all, of that capital went into Anthropic.

“We are announcing a new partnership with Zoom, a leader in enterprise collaboration and communication solutions. Zoom will use Claude, our AI assistant built with Constitutional AI, to build customer-facing AI products focused on reliability, productivity, and safety,” Anthropic said in May 2023.

Zoom Invested $51M in Anthropic, Now Analysts Say the AI Startup Could Be Worth $4B to Zoom

Anthropic’s current valuation is around $350 billion, a figure that reshapes how investors view Zoom’s balance sheet. At that level, the firm’s early check could deliver a return of roughly 78 times the original investment. That upside has gone largely unnoticed as Wall Street stayed focused on Zoom’s core business and its push to stabilize growth after the pandemic pullback.

“While we (and the market) have been primarily focused on ZM’s ability to gradually reaccelerate revenue growth and capture AI opportunities, the quieter, hidden gem might be its $51 million investment in Anthropic in 2023,” the analysts wrote in a note Monday, according to a report from CNBC.

Zoom became a household name during COVID as remote work surged across industries. The return to offices weighed heavily on the stock, dragging shares far below their highs. The Anthropic stake now offers a rare bright spot, tied directly to one of the most closely watched private AI companies in the market.

“ZM is literally invested in Anthropic’s Claude success, and as Anthropic IPO rumors accelerate, the investment could become even more meaningful,” the analysts wrote.

For investors, the takeaway is simple. Zoom’s future narrative may no longer hinge solely on video calls or enterprise subscriptions. A single early AI bet, placed quietly during a crowded funding cycle, now carries the weight to shift how the company is valued.