Anthropic is heading toward one of the most closely watched IPO stories in the market, and the numbers behind it keep getting bigger. The AI company was reportedly set to double quarterly revenue from $4.8 billion in the first quarter to $10.9 billion in the second, while also turning in an expected operating profit of $559 million.
The company has built much of that momentum in the enterprise market, which now accounts for about 80% of revenue. It has also found a strong niche in coding through Claude Cowork and Claude Code, a mix that has made it one of the market’s most hotly anticipated offerings.
That is where Zoom comes in. Zoom Ventures first took a stake in Anthropic in May 2023, then added another $46 million in preferred shares in the first quarter. In its latest 10-Q filing, Zoom said that stake was valued at $1.27 billion, based on Anthropic’s February valuation round of $380 billion.
Anthropic is now looking to raise funds this month at a valuation above $900 billion. If that happens, Zoom’s holding would be worth more than $3 billion, turning a single venture bet into one of the company’s most valuable side investments. Zoom itself has a market cap of around $31 billion, cash and marketable securities of $7.7 billion and no debt, but its core business is being valued at closer to $20 billion even as it generates around $2 billion in free cash flow a year.
That gap helps explain why some investors see Zoom stock as an indirect way to play Anthropic before any IPO. Zoom’s own business is still moving: revenue rose 5.5% last quarter, enterprise revenue climbed 7.2%, and the number of customers with more than $100,000 in trailing revenue jumped 8.2%.
Anthropic has drawn backing from Amazon and Alphabet, but the real driver now is scale. If the company can sustain its enterprise growth and keep its coding products inside the daily workflow of corporate customers, the valuation math around Anthropic stock will keep pulling in attention well beyond the AI trade itself.
