Zoom's Early Stake in Anthropic May Have Generated Returns Up to 78 Times Initial Investment

Zoom Video Communications may be sitting on substantial unrealised gains from an early investment in artificial intelligence developer Anthropic, according to new estimates from financial analysts.

Research published by Baird suggests the video platform's stake in Anthropic could currently be worth between $2 billion and $4 billion, representing a potential return of approximately 78 times the original outlay. The valuation range depends on how ownership has been diluted through subsequent funding rounds.

Zoom Ventures participated in an Anthropic funding round announced in May 2023 as part of a broader commercial partnership between the two companies. Neither organisation disclosed specific investment figures at the time. However, regulatory filings with the US Securities and Exchange Commission show Zoom recorded $51 million in strategic investments during that quarter.

Baird's analysis indicates that all or most of that capital went toward the Anthropic deal. With the AI company now commanding a $350 billion valuation, the investment has appreciated considerably since it was made less than two years ago.

The potential windfall represents an unexpected asset for Zoom, which has faced ongoing pressure to revitalise growth following the end of pandemic-era demand. The company became a household name during Covid-19 lockdowns as remote work and virtual socialising drove widespread adoption of its video conferencing tools. Usage and share prices peaked in 2020 and 2021 before declining as offices reopened and travel resumed.

Zoom has since worked to broaden its product offering and integrate AI capabilities into its platform. The company's relationship with Anthropic, which develops the Claude family of large language models, forms part of that strategy.

Speculation around a possible Anthropic public listing has intensified in recent months. Should the startup proceed with an initial public offering, Zoom would likely gain greater liquidity and transparency around the value of its holding.

The investment highlights how strategic corporate venture activity can generate returns that exceed those from core operations, particularly in rapidly evolving technology sectors. Zoom's stake in Anthropic was made at a time when generative AI was beginning to attract mainstream attention but had not yet reached current levels of commercial deployment.

Anthropic competes with OpenAI, Google DeepMind and other well-funded research labs in developing frontier AI systems. The company has emphasised safety and alignment research alongside model performance, positioning itself as a more cautious alternative to some competitors.

Zoom has not publicly commented on the updated valuation estimates or confirmed the exact size of its Anthropic stake. The company continues to report quarterly earnings that reflect its core communications business rather than mark-to-market gains on private investments.

Industry impact and market implications

The scale of Zoom's potential return on Anthropic underscores how venture investments in foundational AI companies have delivered exceptional gains for early backers. This outcome may encourage other enterprise software firms to allocate capital toward AI startups rather than relying solely on licensing arrangements or internal development.

Corporate venture strategies have historically carried risk, particularly when investing in capital-intensive research areas where commercial viability remains uncertain. However, the rapid growth of generative AI adoption across industries has validated early bets on companies like Anthropic, OpenAI and others developing large language models.

Should Anthropic pursue an IPO, it would provide a public valuation benchmark for private AI firms and potentially trigger similar liquidity events across the sector. This could reshape how corporations structure AI partnerships, with equity participation becoming a standard component of enterprise agreements.

For Zoom specifically, gains from the Anthropic investment could offset pressure on core revenue streams and fund further product development. The company's challenge remains translating such financial windfalls into sustained operational growth as competition intensifies in unified communications and collaboration software.

The valuation multiples achieved by leading AI developers also reflect broader market confidence in the technology's long-term commercial potential, despite ongoing debates around regulation, compute costs and monetisation models. Investors continue to assign premium valuations to companies positioned at the infrastructure layer of the AI stack, where Anthropic operates alongside model developers and cloud compute providers.