Zoom’s Anthropic bet is quietly worth more than most people realize

Through its venture arm, Zoom Ventures, the company has accumulated a meaningful equity stake in Anthropic, the AI safety startup behind the Claude family of models.

How a $97 million bet became a $3 billion position

Zoom made its first move into Anthropic in May 2023, committing roughly $51 million. The company followed that with an additional $46 million in preferred shares between late January and April 2026, bringing its total outlay to approximately $97 million across both tranches.

At the start of 2026, when Anthropic carried a valuation of around $380 billion, Zoom’s stake was worth approximately $1.27 billion. By the end of July 2026, after Anthropic’s valuation had climbed to roughly $965 billion, that figure had grown to approximately $3.13 billion. The single-quarter mark-to-market gain: $1.61 billion.

To frame that against Zoom’s core business, the company reported revenue of $1.24 billion in Q1 FY2027, a 5.5% year-over-year increase. The quarterly gain on the Anthropic stake alone is larger than a full quarter of operating revenue.

Anthropic’s funding backers include Amazon and Alphabet, two companies that have each made multi-billion-dollar commitments to the startup.

The IPO filing that moved Zoom’s stock

On June 1, 2026, Anthropic filed a confidential draft S-1 with the SEC. The filing confirmed that Anthropic is actively pursuing a public listing at a projected valuation approaching one trillion dollars.

Zoom’s stock responded immediately. Shares jumped 9.9% to $111.62 on the day of the announcement.

Zoom’s Anthropic stake now represents an estimated 10 to 13% of the company’s enterprise value.

What this means for investors watching both companies

Zoom’s core business is growing, but not dramatically. A 5.5% year-over-year revenue increase is steady, not explosive. The company has been investing in AI-powered features, including integrations with Anthropic’s Claude models, to deepen its product offering for enterprise customers.

There is also the question of lock-up periods. Early investors in high-profile IPOs are typically restricted from selling for 180 days after a listing goes live.

Anthropic’s projected revenue was running at approximately $10.9 billion on an annualized basis as of Q2 2026, with Amazon and Alphabet serving as both customers and investors.

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