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.
ZM
HIGH
Apr 08, 22:05
Key Points
['Hidden asset: $2-4B Anthropic stake', 'Core biz: $15B EV, 12x fwd P/E', 'Catalyst: Anthropic IPO expected 2026', 'Strong balance sheet: $7.9B net cash', 'Active buybacks support shareholder value']
April 08, 2026 at 22:05