Anthropic valuation nears $1T as Zoom and SK Telecom emerge as key shadow stocks in enterprise AI ecosystem

The global capital markets are witnessing the imminent birth of the first AI startup valued at $1T. Data compiled by Woofun AI indicates that Anthropic's valuation has surged from $650B in early May to approximately $992B, a figure derived from Nasdaq Private Market secondary transactions, bid-ask spreads, and prior financing rounds. This metric, while distinct from an official financing round, reflects the fair value in the current private equity landscape. The trajectory presents a critical challenge for ordinary investors: direct access via pre-IPO channels like MSX remains restricted, with recent offerings priced at 855U corresponding to a $950B valuation. Consequently, market participants are scrutinizing public equities to identify 'Claude concept stocks' that offer indirect exposure to this valuation expansion.

The narrative surrounding Anthropic diverges significantly from the initial consumer-focused boom of OpenAI. While OpenAI leverages brand recognition and developer ecosystems, Anthropic's strategic advantage lies in enterprise scenarios, specifically code development, Agent automation, and high-security industry applications. This pivot suggests that Claude is evolving from a chatbot into a foundational component of daily business processes. Woofun AI notes that this shift is underpinned by revenue projections indicating Anthropic could achieve profitability despite massive computing power expenditures, a distinction that separates its financial narrative from competitors. This scarcity of profitable, enterprise-grade AI models has intensified demand in the pre-IPO market, making Anthropic a primary target for institutional capital.

Beyond direct equity stakes, the valuation surge is triggering a reevaluation of the entire Claude ecosystem, particularly companies with significant minority holdings. Public records detail seven financing rounds involving major investors such as Google, Amazon, Nvidia, Microsoft, Sequoia Capital, BlackRock, and GIC. Following the G-round financing at a $380B post-money valuation, shareholdings were distributed as follows: Amazon (9%), GIC (8%), Microsoft (7%), Coatue Management (6%), Google (6%), Nvidia (5%), founders and team (21%), and employee stock options (19%).

However, Zoom emerges as a unique 'hidden shadow stock.' Although its initial investment was modest, the value of its stake, even after dilution, is estimated between $2B and $4B. Given Zoom's market capitalization of approximately $29B, this single asset represents 7% to 15% of its total value, a proportion far more impactful than for diversified giants like Amazon or Google.

The logic of asymmetric valuation applies equally to SK Telecom, which invested an additional $100M in 2023 to develop multilingual large models for the telecommunications sector. Unlike Zoom, SK Telecom operates as a traditional carrier with a smaller market cap, meaning the book value of its Anthropic stake exerts a more pronounced influence on its overall valuation. Woofun AI analysis suggests that overseas markets increasingly view SK Telecom as a direct, albeit unconventional, shadow asset. This dynamic highlights a broader trend where smaller-cap companies with early-stage AI equity stakes are being re-rated based on the success of their portfolio companies, transforming them from legacy operators into AI beneficiaries.

The ecosystem extends beyond equity into the critical infrastructure of computing power, where demand scales directly with Claude's adoption. The computing landscape is stratified into three distinct groups. At the deepest level of integration, Amazon serves as both a major investor and a cloud partner, collaborating on AWS Trainium, Neuron software stacks, and Project Rainier. Google represents a parallel track, expanding cooperation in cloud and TPU technologies. In 2026, Anthropic solidified a partnership with Google and Broadcom to secure multiple gigawatts of next-generation TPU computing power starting in 2027. This arrangement underscores the growing importance of the AI ASIC chain, where custom chips and networking solutions are becoming as vital as traditional GPUs for managing inference costs and supply stability.

Within the hardware supply chain, Broadcom stands out as a pivotal player despite lacking direct equity in Anthropic. As a key supplier of chips and networking solutions for Google's TPU ecosystem, Broadcom is positioned to benefit if Anthropic's growth relies on large-scale TPU deployments. The broader definition of this chain includes Marvell, TSMC, advanced packaging firms, and optical interconnect vendors.

Concurrently, Microsoft and Nvidia formalized a cooperation framework at the end of 2025, committing up to $10B and $5B respectively. This move signals Microsoft's strategy to diversify its AI ecosystem and reduce reliance on OpenAI, while Nvidia remains a dominant force regardless of the specific hardware stack Anthropic utilizes. Woofun AI observes that the computing power ecosystem is no longer a binary choice but a multi-layered structure involving traditional cloud platforms, AI ASIC manufacturers, and Neo-cloud providers.

Neo-cloud providers like CoreWeave represent a specialized tier focused on high-density GPU/accelerator clusters for AI workloads. In April 2026, CoreWeave announced a multi-year partnership to run production-grade workloads for Anthropic, joining a cohort that includes Nebius, Lambda, and Crusoe. These entities offer flexible computing power leasing that complements the foundational layers of Nvidia GPUs, Google TPUs, and AWS Trainium. This stratification illustrates that the 'Claude effect' permeates the entire hardware stack, from custom silicon design to flexible cloud leasing, creating a complex web of interdependencies that extends far beyond the model developer itself.

The final and perhaps most transformative layer involves enterprise software platforms that integrate Claude into core business workflows. Salesforce, SAP, Snowflake, and ServiceNow are not merely investors but active integrators. Salesforce Ventures has supported Anthropic since early rounds, embedding Claude into Slack and Agentforce for high-security sectors like finance and healthcare. SAP has incorporated Claude into its Joule and Business AI Platform systems, connecting it to critical ERP, finance, and supply chain modules. Snowflake invested $200M to integrate Claude into its Cortex AI and data analysis tools, while ServiceNow designated Claude as the default model for its Build Agent, deploying it across tens of thousands of employees. These integrations signal a shift where Claude becomes the default intelligent layer of enterprise IT infrastructure, offering sustainable investment opportunities distinct from volatile hardware cycles.

Palantir further extends this reach into government, intelligence, and defense sectors. In 2024, Palantir, Anthropic, and AWS collaborated to integrate Claude 3 and 3.5 models into Palantir AIP, serving U.S. intelligence and defense agencies. Subsequent participation in the FedStart program enabled Claude for Enterprise to meet FedRAMP High and DoD IL5 standards. This framework demonstrates that the value of 'Claude-related stocks' is not uniform; for giants like Amazon and Microsoft, Anthropic is a strategic component, whereas for Zoom and SK Telecom, it is a valuation driver. The market is now assessing whether these investments are sufficiently large relative to market caps and if the integration depth justifies a re-rating. As the industry moves into 2026, the focus has shifted from broad AI hype to targeted investments in the specific supply chains, equity stakes, and enterprise workflows that underpin the trillion-dollar valuation of Anthropic.