Zoom Video Communications (ZM) — Anthropic Investment Could Rewrite the Narrative
Zoom (ZM) has quietly pulled off one of the most impressive investment plays in recent tech memory—and most investors are just now catching on.
Back in mid-2023, Zoom put $51–$53 million into AI startup Anthropic. That same stake is now estimated to be worth anywhere from $2 billion to $4 billion, based on recent valuations and speculation around a potential IPO. That kind of return doesn’t just boost the balance sheet—it shifts how the company is being valued altogether.
For years, Zoom has been seen primarily as a video-conferencing app whose best days were behind it. But this AI stake (and its growing integration of Anthropic’s Claude models across its own platform) is pushing investors to take another look. The stock jumped 10% in a single day after Baird flagged the revaluation, and other analysts have begun updating their fair value models. Simply Wall St noted that fair value estimates now range from $90 to $123 per share, with some bulls pointing to a potential move as high as $125 or $130. That’s a big deal for a stock still trading around $96.
What we find most compelling is that this isn’t just a lucky investment—it aligns with Zoom’s broader push to become a full-featured communications and AI productivity platform. Zoom is integrating Anthropic’s tools into its AI Companion suite and workflow features. That adds depth to the story beyond just a one-time gain.
The company has also been quietly executing on the fundamentals: modest revenue growth, cost discipline, a strong buyback program, and consistent profitability. That may not get the headlines, but it lays the foundation for a re-rating if investor sentiment continues to shift.
It’s still early in this AI tailwind story, and there are legitimate concerns about Zoom’s core growth. But with the stock up 17% over the past year and breaking through key technical levels, momentum is building.
This may be one of those cases where the market’s initial reaction is just the beginning.
