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    Should Anthropic Stake Require Action From Zoom (ZM) Investors?

    Simply Wall St·09/22/2026 16:20:47
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    • Zoom Communications has outlined an AI-powered revenue OS that connects buyer intelligence, customer conversations, and revenue execution. It is adding new Revenue Accelerator tools such as Engage, Forecast, and access to Common Room by Zoom for end-to-end go-to-market workflows.
    • Alongside this product push, Zoom's earlier equity investment in Anthropic is now reported as potentially worth around US$7b at IPO, creating a sizeable AI-linked asset on the balance sheet relative to the company’s current equity value.
    • The market will now be able to observe how Zoom Communications' investment narrative could be reshaped by its Anthropic stake and new AI revenue OS.

    Scan beyond Zoom Communications and see how other AI focused businesses are being priced by the market with our curated list of 36 AI small caps.

    Zoom Communications Investment Narrative Recap

    To own Zoom Communications, you need to believe it can turn an AI focused work platform and unified communications bundle into durable, sticky enterprise relationships, even as video meetings mature. The short term story now leans on execution in newer products like Zoom Revenue Accelerator, Phone, Contact Center, and Workvivo to offset slower core meeting demand.

    The Anthropic stake and the new AI revenue OS could influence sentiment, but the main near term catalyst still sits in proving paid adoption of AI features and broader platform deals. The key risk stays the same: large suites like Microsoft and Google keep pushing bundled tools that can pressure pricing and limit upsell.

    The most relevant update here is the AI powered revenue OS that includes Zoom Revenue Accelerator tiers, Engage, Forecast, and access to Common Room by Zoom. This is an attempt to make Zoom Communications part of the sales tech stack, not just a meeting tool, by tying buyer signals and conversations directly to sales workflows and forecasting.

    If customers use Engage and Forecast at scale, that could support higher average spend per enterprise account and make churn harder, because sales teams would be running daily motions inside Zoom’s environment. Execution risk is real though. Revenue teams already juggle CRMs, dialers, and forecasting tools, so the hurdle is convincing them Zoom’s workflow is reliable enough to consolidate vendors and justify the extra spend.

    What The Current Analyst Narrative Implies For Zoom Communications

    Analysts sketch a future for Zoom Communications where revenue increases at 4.0% a year while profitability compresses. The current earnings figure in the report is US$3.3b, and the same group expects that to be US$1.3b by 2029. That is a drop of about US$2.0b in profit, which is a large decline in absolute terms even if the top line grows.

    Zoom Communications' narrative projects US$5.6b revenue and US$1.3b earnings by 2029. This requires 4.0% yearly revenue growth and an earnings decrease of about US$2.0b from US$3.3b today.

    The valuation overlay on that story is demanding. To line up with the current analyst consensus, you would need to accept earnings of US$1.3b in 2029 on that US$5.6b revenue number and a P/E of 31.3x at that point, versus 8.3x today. The math implies investors would be paying a far higher multiple on materially lower profit, even as margins are assumed to compress from 65.2% to 24.0%.

    For anyone tracking the stock today, the gap between market price and those targets is clear in the report. With shares at US$92.16 and the consensus price target at US$118.24, analysts are pointing to a level that is 22.1% higher, even though they also flag a weaker earnings profile over time. That tension between modest revenue growth, lower profitability, and a higher future valuation multiple is the core assumption you need to test for yourself.

    Uncover why Zoom Communications' fair value indicates a 30% potential upside to its current price that may not last much longer.

    NasdaqGS:ZM 1-Year Stock Price Chart
    NasdaqGS:ZM 1-Year Stock Price Chart

    Exploring Other Perspectives

    For Zoom Communications, the most bearish analysts lean hard into the risk that margins compress sharply. They were penciling in revenue of about US$5.5b and earnings near US$892.6m by 2029, far below consensus. That is a much harsher story than the baseline, and it has not yet absorbed this AI revenue OS and Anthropic news. Use that spread in expectations as a prompt to compare several viewpoints before deciding what this shift could mean for you.

    Explore 4 other Zoom Communications fair value estimates, including one that suggests it could be worth just $118.24!

    Form Your Own Verdict

    Disagree with existing narratives? Extraordinary investment returns rarely come from following the herd, so trust your own research and judgment.

    Looking For More Investment Ideas Beyond Zoom Communications?

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    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.