Zoom discloses $1b gain on Anthropic stake

Zoom said in a regulatory filing on May 22 that its stake in Anthropic was worth about US$1.27 billion, implying a gain of roughly US$1 billion since its initial investment in the AI startup in early 2023.

The company invested in Anthropic as part of a partnership to use Claude models and has since added AI tools including a workplace assistant. The filing said the company put another US$46 million into Anthropic in recent months.

The filing also showed Zoom disclosed US$51 million in new strategic investments in early 2023 when it announced the Anthropic deal, but it did not say how much of that sum went to Anthropic.

🔗 Source: Bloomberg

🧠 Food for thought

Implications, context, and why it matters.

An accounting rule can turn changes in the value of corporate equity stakes into reported profit

A 2016 rule from the Financial Accounting Standards Board, the US standard setter, requires companies to revalue some equity stakes each quarter at fair value. Any paper gain or loss goes into net income under ASU 2016-01 1.
Before the rule took effect in 2018, paper gains on those holdings could remain on the balance sheet in accumulated other comprehensive income, outside net income 1.
Zoom is not alone. Alphabet booked about US$28.7 billion in similar gains in the first quarter, and close to half of its record US$62.6 billion profit came from revaluing private company stakes. Its portfolio is led by its Anthropic holding 1.

AI investments can create a self-reinforcing valuation loop

Big tech groups often back AI startups with cloud credits instead of all cash. The startup uses those credits to train models on the investor’s platform, which lets the investor record that usage as revenue 1.
Anthropic spent US$1.35 billion on Amazon Web Services, Amazon’s cloud computing division, in 2024. It spent another US$2.66 billion from January to September 2025 1.
That setup can feed a valuation loop. One investment can lift cloud sales and raise profit when the equity stake is marked up. If AI startup values stall or fall, the effect can swing the other way 1.