Baird Says Zoom’s 2023 Investment in Anthropic Could Be Worth at Least $2 Billion

An investment Zoom made in Anthropic in 2023 could be worth between $2 billion and $4 billion, CNBC reported Monday (Jan. 26), citing analysts from Baird.

The companies announced in May 2023 that they had partnered and that Zoom Ventures had invested in Anthropic, according to the report. They did not disclose the value of the investment.

A Zoom filing with the Securities and Exchange Commission (SEC) said that the company made $51 million in strategic investments during that quarter, per the report.

Baird analysts estimated Monday that all or most of the investment went to Anthropic and that because that company is now worth $350 billion, Zoom’s return could be 78 times its investment, according to the report.

The investment could be a “hidden gem” for Zoom at a time when the company is working to increase its revenue growth, the analysts said.

“[Zoom] is literally invested in Anthropic’s Claude success, and as Anthropic IPO rumors accelerate, the investment could become even more meaningful,” the analysts said, per the report.

When Zoom announced in May 2023 that it had teamed up with and invested in Anthropic, it said it would integrate Anthropic’s AI assistant, Claude, with Zoom’s platform, beginning with Zoom Contact Center. PYMNTS noted at the time that Zoom did not disclose the size of the investment in Anthropic.

It was reported Jan. 7 that Anthropic aims to raise $10 billion in a funding round that would value the company at $350 billion, which would be nearly double the valuation it achieved in a September 2025 round.

Anthropic announced in September that it was valued at $183 billion in a Series F funding round in which it raised $13 billion. The company said at the time that its run-rate revenue had leapt from about $1 billion at the beginning of 2025 to over $5 billion in August, its Claude Code tool for developers generated run-rate revenue of over $500 million, and its number of business accounts had topped 300,000.

Meanwhile, Zoom announced in March that it added more agentic AI skills to its AI Companion, making that personal assistant increasingly agentic.

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