Zoom’s hidden Anthropic stake could overshadow Q2 earnings streak

Zoom Communications has beaten Wall Street’s revenue estimates for 15 straight quarters. Ahead of Zoom’s fiscal Q2 2027 earnings on August 25, 2026, the real conversation among analysts isn’t about video call growth or enterprise seat expansion. It’s about the company’s equity position in Anthropic, the AI lab behind Claude, which has ballooned in value to a degree that makes the core business look like a rounding error. The math behind the ‘hidden gem’ Zoom first invested approximately $51 million in Anthropic through its venture arm back in May 2023. It later added another $46 million, bringing total capital deployed to roughly $97 million. As of April 30, 2026, that combined stake was valued at $1.27 billion on Zoom’s books. Anthropic’s post-money valuation hit approximately $380 billion in February 2026. By May 2026, that number had reportedly surpassed $900 billion. Bank of America estimates Zoom holds roughly a 0.311% ownership stake, which at recent Anthropic valuations would put the position’s worth at approximately $3 billion. Analysts at Baird, Wedbush, and BofA have all used the phrase “hidden gem” to describe it. Some projections range from $2 billion to $4 billion or m...