The Anthropic Revaluation: Who's Sitting on Hidden Value at $1 Trillion?

The Setup

Anthropic hit a $1 trillion implied valuation on secondary markets in May 2026. On Forge Global, one of the larger private-share marketplaces, shares are trading at roughly 3x the $350 billion valuation from the Series G round just three months earlier. The revenue numbers behind it are real: annualized run rate jumped from $9 billion at the end of 2025 to $30 billion by March 2026, driven by enterprise adoption of Claude and API products. CNBC reported that if Anthropic hits $10.9 billion in Q2 revenue, it will post its first profitable quarter.

Several public companies own meaningful Anthropic stakes. I wanted to know which of those stakes are large enough relative to the holder’s market cap to create a value gap, and whether the market has caught up to the repricing.

The Anthropic Valuation: What’s Real and What Isn’t

Before running the math, some context on what “$1 trillion” means here.

The $350 billion Series G valuation (February 2026) was a formal funding round. Institutional investors committed capital at that price with full due diligence. The $1 trillion figure comes from secondary market trades on Forge Global. These are illiquid, minority positions with no board rights and no guaranteed path to liquidity. A buyer paying $1 trillion implied valuation for a small block of shares is not the same as Anthropic being “worth” $1 trillion in the way that Apple or Microsoft are.

Goldman Sachs and JPMorgan are reportedly advising Anthropic on a potential IPO targeting late 2026, with a valuation range of $400-500 billion. That’s well below the secondary market froth but above the Series G price.

For this analysis, I’m running three scenarios: the Series G valuation ($350B), a mid-range IPO valuation ($500B), and the secondary market implied valuation ($1T). The truth for any eventual liquidity event probably lands somewhere in the $400-700B range, but the spread matters for sizing the value gaps.

The Public Holders: A Sum-of-Parts Map

I found six meaningful public-market exposures to Anthropic. Here’s what each position looks like across the three valuation scenarios.

Alphabet (GOOGL) — ~14% stake

Google invested $300M in Anthropic in April 2023 for roughly 10% of the company, then pledged up to $2B more later that year. In April 2026, Google committed up to $40 billion more, starting with $10 billion at the $350B Series G valuation. Pre-announcement, Alphabet held approximately 14% of Anthropic. The new investment pushes the stake back toward 15%, which reports indicate is the maximum permitted holding.

Alphabet is a $2.35 trillion company. Even at $1T, the Anthropic stake represents 6% of market cap. That’s meaningful but not transformative. Google Cloud, Search, and YouTube are doing the heavy lifting. The Anthropic stake is a nice bonus, not a thesis driver. Fortune reported that roughly half of Google’s “blowout AI profits” in Q1 came from marking up its Anthropic position, not from the operating business. That’s a useful signal about how much of the recent earnings beat is repeatable.

Amazon (AMZN) — ~8-15% stake

Amazon is the largest single investor, having committed up to $8 billion across multiple rounds starting September 2023, with an additional $5 billion announced in 2026 and an option for $20B more. Exact ownership is unclear because Amazon doesn’t disclose it precisely. SEC filings suggest roughly 7.8%, while other estimates range up to mid-teens. I’ll use 10% as a middle estimate.

Same story as Alphabet: Amazon is too large for the Anthropic stake to move the needle on a sum-of-parts basis. The strategic value (Anthropic on AWS, Claude through Bedrock) matters more than the paper gains. At 3.4% of market cap in the bull case, this isn’t where the interesting dislocation lives.

Salesforce (CRM) — ~1% stake

Salesforce Ventures participated in Anthropic’s Series C in 2023 and subsequent rounds. Total investment estimated at ~$330M. The resulting stake is approximately 1%, though dilution from later rounds may have reduced it further. Marc Benioff has said Salesforce will spend $300M on Anthropic tokens in 2026 (a consumption agreement, separate from the equity position).

Now it starts getting interesting. At a $1T valuation, Salesforce’s Anthropic stake would be worth roughly $10B against a $144B market cap. That’s 7% of the company’s value sitting in an unrealized private-market position. At a more conservative $500B IPO, it’s still $5B, or 3.5%. Not nothing, but CRM has its own problems (stock down ~40% from highs, AI agent execution questions) that dwarf the Anthropic position.

Zoom (ZM) — ~0.5-1% stake

This is where the math gets more compelling.

Zoom Ventures invested $51M in Anthropic’s Series C in May 2023, when Anthropic was valued at $4.1 billion. That $51M bought roughly 1.24% of the company. Subsequent funding rounds have diluted the position, and Baird analysts estimate the current stake is worth $2-4 billion at the $350B valuation, implying ownership somewhere in the 0.6-1.1% range.

A $51M investment that’s now worth $2.5-7.0B, sitting inside a $29B market cap company. At the secondary market valuation, Zoom’s Anthropic stake could represent nearly a quarter of its entire market cap. Even at the conservative Series G price, it’s almost 9%.

Zoom itself is no longer the growth story it was during the pandemic. Revenue has stabilized around $4.7B, the stock is 75% off its highs, and the core video conferencing business faces commodity competition. But the Anthropic stake is quietly becoming a significant portion of Zoom’s enterprise value. The $51M cost basis against a $2.5B+ current value is a 50x return on paper.

The question for Zoom investors: is the market pricing this in? ZM trades at about 6x revenue with flat growth. Strip out the Anthropic stake’s value and the core business trades even cheaper. If Anthropic IPOs and Zoom can eventually monetize that position, it represents real upside that isn’t reflected in consensus earnings estimates.

SK Telecom (SKM) — ~0.3% stake

SK Telecom invested $100M in Anthropic in 2023, securing an initial stake of about 0.7%. Subsequent dilution has reduced this to an estimated 0.3%. SK Telecom is a Korean telecom with a $15B market cap (ADR basis), a 4%+ dividend yield, and a separate AI/semiconductor strategy through its SK Group affiliates.

This is the most leveraged play in the group. At the secondary market valuation, SK Telecom’s Anthropic stake represents 20% of its entire market cap. Even at the Series G price, it’s 7%. The stock has already moved on this: SKM rose 12% when the Anthropic revaluation hit the news, and it’s near 52-week highs.

Morningstar noted that the Anthropic investment is “dominating” SK Telecom’s valuation conversation. That’s the opportunity and the risk. If Anthropic IPOs at $400-500B, SKM holders get a real catalyst. If the secondary market froth fades and the IPO prices lower, SKM gives back gains that were priced on the higher number.

The underlying telecom business is stable but not exciting: mid-single-digit revenue growth, heavy capex for 5G and AI infrastructure, and South Korean market saturation. The Anthropic stake is what makes SKM interesting rather than just another yield play.

VCX (Fundrise Innovation Fund) — 20.7% of fund in Anthropic

VCX is not a direct Anthropic stake but a publicly traded venture fund that holds Anthropic as its largest position (20.7% of portfolio). It listed on the NYSE in March 2026 via direct listing. The fund also holds Databricks (17.7%), OpenAI (9.9%), Anduril (6.9%), SpaceX (5.0%), and others.

As of late April, VCX traded at ~$93 against a NAV of ~$19, a premium of roughly 390%. There’s a lockup period expiring in September 2026 that will likely add supply pressure.

I’m not analyzing VCX as a value play because a 4x NAV premium is the opposite of hidden value. It’s the most obvious way retail investors are trying to get Anthropic exposure, and they’re paying dearly for it. If Anthropic IPOs and becomes directly purchasable, VCX’s premium compresses hard. There’s a Bloomberg report about a similar fund jumping 1,200% above NAV on SpaceX and Anthropic hype. That’s speculation, not investing.

Robinhood Ventures Fund I (RVI)

RVI does not appear to hold Anthropic based on available filings. Its portfolio includes Stripe, Databricks, Airwallex, and others, but I couldn’t confirm any Anthropic position. Including it here for completeness since it’s often mentioned alongside VCX.

The Value Gap Ranking

Ranked by Anthropic stake as a percentage of the holder’s market cap (using the mid-range $500B IPO scenario):

The leverage is inversely proportional to company size. Alphabet and Amazon own the largest stakes in dollar terms, but those stakes are rounding errors on their market caps. SK Telecom and Zoom own tiny stakes in dollar terms, but relative to their own size, the positions are material.

What the Market Is and Isn’t Pricing

The market is clearly aware of these stakes. SKM rallied 12% on the revaluation news. ZM has been flagged by Baird and others as having hidden Anthropic value. GOOGL surged on the $40B investment announcement.

But I think the pricing is still incomplete for two reasons:

First, consensus earnings models don’t include Anthropic gains. Analyst estimates for Zoom’s forward earnings don’t include a line item for “Anthropic stake appreciation.” The value sits off the income statement until Zoom sells shares or Anthropic IPOs and the mark-to-market hits. For companies like SKM and ZM where the stake is 10-12% of market cap, that’s a significant unmodeled asset.

Second, the catalyst is binary and dated. If Anthropic IPOs in late 2026 (as reported), these stakes become liquid and mark-to-market. That creates a step-function revaluation event. Before the IPO, the stakes are illiquid private holdings carried at cost or last-round valuation on the balance sheet. After, they’re publicly traded securities with real-time pricing. The gap between “carried at cost basis” and “marked to market at IPO price” could be substantial for smaller holders.

The Risks

The $1T number may not hold. Secondary market valuations for private companies are notoriously unreliable. Small blocks trade at wide bid/ask spreads with limited price discovery. The IPO could price at $400-500B, instantly cutting the theoretical value of these stakes by half or more relative to the secondary market implied price.

Dilution is ongoing and opaque. Every new funding round dilutes existing holders. Google’s $40B commitment comes with new shares issued. Amazon’s additional $5B plus $20B option means more dilution ahead. The percentage stakes I’m using are estimates based on available data, and the actual positions may be smaller.

Monetization isn’t guaranteed. Owning shares in a private company and converting that ownership to cash are different things. Post-IPO lockup periods typically prevent insiders from selling for 6-12 months. Strategic investors like Google and Amazon have partnership agreements that may restrict sales. SK Telecom and Zoom have fewer restrictions but still face market impact concerns on any large block sale.

The underlying businesses matter more. If Zoom’s core video business deteriorates further while investors wait for the Anthropic IPO catalyst, the stock can fall on fundamentals even as the Anthropic stake appreciates. The stake is a component of value, not the whole thesis.

My Read

The most interesting plays are SKM and ZM, specifically because the Anthropic stakes are large enough relative to their market caps to matter, and the market hasn’t fully modeled the value into consensus estimates.

SK Telecom at $38-39 is a 4%+ dividend yield telecom with a free call option on Anthropic worth 7-20% of its market cap. The stock has already moved on this thesis, so you’re not early. But if Anthropic IPOs at $500B+, the stake crystallizes as a real asset on the balance sheet, and the valuation gap closes. The risk is that you’re buying a Korean telecom with mediocre growth and hoping the Anthropic kicker carries the return.

Zoom at $97 is the more contrarian position. The core business is priced for stagnation (6x revenue, flat growth), but the Anthropic stake at $2.5-7.0B represents 9-24% of market cap. If Anthropic IPOs and Zoom eventually monetizes even a portion of that stake, it represents material upside to a stock that most growth investors have given up on. The $51M cost basis makes this one of the best venture investments in tech history, and it’s sitting inside a public equity that the market is treating as an ex-growth video conferencing company.

Alphabet and Amazon are not Anthropic plays. The stakes are too small relative to their market caps. Buy them for Search, Cloud, AWS, and their core businesses. The Anthropic position is a tailwind, not the thesis.

VCX at 4x NAV is paying a massive premium for the privilege of private market exposure. If you want Anthropic, wait for the IPO.

Data as of May 21, 2026. Stake percentages are estimates based on public reporting and may differ from actual holdings. Anthropic valuations reference both the $350B Series G round and ~$1T secondary market implied pricing on Forge Global. Not investment advice — see our disclaimer.