u/YeetVegetabales ·
Reddit — r/ValueInvesting
· April 08, 2026 at 22:05
· ⬆ 16 pts
· 💬 25 comments
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AI Summary
Summary
The post argues that Zoom Video Communications (ZM) is undervalued due to its significant, unrewarded stake in Anthropic. The author's thesis is that ZM's core business trades at a reasonable multiple, but its market cap fails to account for the $2-4B value of its Anthropic investment, creating a catalyst-driven opportunity.
Quality assessment: Speculation with selective data. The post uses concrete figures (market cap, cash, EBIT) but makes highly speculative claims about Anthropic's valuation, revenue, and IPO timeline without cited sources. The core idea is a sum-of-the-parts analysis, but the valuation of the key part (Anthropic) is based on unverified estimates.
Score16
Comments25
Upvote %81%
▶ Full Post Text
I’m long Zoom. $51M Anthropic stake from May ‘23. Anthropic now at \~$350B. Stake worth $2-4B.
OpenAI worth \~$850B+ with no clear path to monetization. Anthropic at $30B ARR, fastest enterprise revenue growth in human history, new highly intelligent models in the pipeline. Profitable next year with IPO expected October ‘26.
ZM mkt cap \~$25B. $7.9B net cash. Take out cash + Anthropic stake and find core business is $15B EV on $1.1B EBIT, 12x fwd p/e, 30% OCF growth with active buybacks.
Anthropic IPO is the catalyst. Every new valuation estimate makes Zoom more attractive. Arguably the best asset for Anthropic exposure pre-IPO. The prospectus is when we find out what this is actually worth.
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.
This Reddit post, published April 08, 2026,
features u/YeetVegetabales
discussing ZM.
1 trade idea extracted by AI with direction and confidence scoring.