u/YeetVegetabales

Zoom holds a $51M stake in Anthropic (May '23) now estimated to be worth $2-4B due to Anthropic's alleged $350B valuation and rapid $30B ARR growth. ZM's market cap is ~$25B against $7.9B net cash, implying a core business EV of ~$15B trading at ~12x forward P/E. The market is not pricing the full value of the Anthropic stake into ZM's stock. The anticipated Anthropic IPO (est. Oct '26) will force a public revaluation of this asset, acting as a major catalyst. ZM is a cheap way to gain pre-IPO exposure to Anthropic. The sum-of-the-parts valuation suggests significant upside once the stake is formally marked to market. Anthropic's reported valuation/ARR figures may be inflated or incorrect. The IPO may be delayed or canceled. Zoom's core communication business may face competitive or growth headwinds, eroding its standalone value.