NEW YORK, Jan 26, 2026, 20:44 EST
- Shares of Zoom jumped roughly 11% following a Baird analyst’s note highlighting the company’s early stake in Anthropic.
- Baird put the stake’s value between $2 billion and $4 billion, assuming Anthropic hits the rumored $350 billion valuation.
- In a 2023 filing, Zoom reported $51 million spent on “strategic investments” in private-company equity during that quarter.
Shares of Zoom Communications surged Monday following an analyst’s claim that its early stake in AI startup Anthropic might be worth billions. Zoom climbed roughly 11%, closing in on $95.46 after hitting an intraday high of $98.77.
This shift is significant because it gives investors a fresh perspective on Zoom—not just its potential to revive growth in video and workplace software, but also the value locked in its private stake, which could be cashed in if Anthropic’s valuation holds steady. William V. Power of Baird Equity Research dubbed it a “hidden gem,” highlighting the “quieter” upside in Zoom’s $51 million Anthropic investment. He stuck to his Outperform rating and maintained a $95 price target. (Barron’s)
Private markets continue driving up valuations for leading AI companies. On Jan. 7, Reuters reported that Anthropic is eyeing a fundraising round pegging the Claude chatbot creator at $350 billion. The Wall Street Journal first revealed the round, with sources telling Reuters the terms remain flexible. (Reuters)
Baird’s valuation dwarfs Zoom’s current market cap. According to Investing.com, Baird pegged Zoom’s market cap at about $25 billion, with an enterprise value near $17 billion—factoring out net cash and debt. They noted Zoom’s $2 billion stake in Anthropic implies roughly $15 billion attributed to Zoom’s core business. The report also highlighted Zoom’s $406.1 million gain on strategic investments in Q3, which boosted GAAP EPS by $1.33—a jump Baird largely credits to the Anthropic holding. (Investing)
Zoom hasn’t publicly detailed its stake in Anthropic. In its quarterly filing for the period ended April 30, 2023, the company reported $51.0 million in “strategic investments” in private company equity during the first quarter of fiscal 2024. These investments were measured using a method applied when the company lacks control or significant influence. (SEC)
The relationship isn’t new. Back in May 2023, Zoom announced a strategic partnership with Anthropic and revealed that Zoom Ventures had invested an undisclosed sum. The plan: to bring Anthropic’s Claude into Zoom products, starting with Zoom Contact Center. Zoom’s chief product officer Smita Hashim described Claude as “primed” for “safe and responsible” integrations. Anthropic CEO and co-founder Dario Amodei said the deal would put “robust, steerable AI” in more hands. (Zoom)
Reuters reported that Zoom planned to embed Claude into its video-conferencing service, aiming to rival Microsoft Teams. The AI would debut in Zoom Contact Center first. The piece also highlighted that other collaboration platforms, like Salesforce’s Slack, were integrating ChatGPT-like capabilities. (Reuters)
Investors have been eyeing a potential liquidity event at Anthropic. According to a December Reuters report, which cited the Financial Times, the AI company brought on law firm Wilson Sonsini to get ready for a possible IPO as soon as 2026. Still, an Anthropic spokesperson told Reuters the firm hasn’t settled on if or when it will go public. (Reuters)
The numbers remain shaky. Zoom has never revealed the precise size of its Anthropic stake, and its worth shifts with every funding round’s dilution and whether the $350 billion valuation holds or slips away. CNBC noted that Baird viewed the investment as potentially yielding a 78-times return at that valuation, according to Finviz. (Finviz)
Seeking Alpha reported Zoom shares surged over 10% after Baird spotlighted its stake in Anthropic, framing it as a wager on generative AI — technology that creates text and other content from prompts — during a period when markets have favored even indirect ties to the space. (Seekingalpha)
