Shares of Zoom popped 11% on Monday after analysts at Baird estimated that the company’s investment in artificial intelligence startup Anthropic could be worth between $2 billion to $4 billion, depending on dilution assumptions.

In May 2023, Anthropic announced a partnership with Zoom and revealed that Zoom Ventures had invested in the company. The companies did not disclose the value of the investment, but Zoom reported making $51 million in “strategic investments” that quarter, according to a filing with the U.S. Securities and Exchange Commission.

Baird’s analysts estimate that all, or at least the “vast majority,” of that investment went to Anthropic. The startup is currently valued at $350 billion, suggesting Zoom could see a return of roughly 78 times its investment, the analysts said.

“While we (and the market) have been primarily focused on ZM’s ability to gradually reaccelerate revenue growth and capture AI opportunities, the quieter, hidden gem might be its $51 million investment in Anthropic in 2023,”  the analysts wrote in a Monday note.

Zoom exploded in popularity at the start of the Covid-19 pandemic as workers turned to the video-conferencing platform to stay in touch with colleagues, friends and family. But as the pandemic subsided and many workers returned to in-person roles, Zoom’s stock has tumbled from its highs.

The company’s investment in Anthropic could prove to be a bright spot, Baird’s analysts said.

“ZM is literally invested in Anthropic’s Claude success, and as Anthropic IPO rumors accelerate, the investment could become even more meaningful,” the analysts wrote.

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