ZM is a cheap trade for Anthropic shares plus its deep cash balance. There was already a post about this before, but with Anthropic now at a 800b valuation Zoom is still cheap.
ZM's Anthropic stake when Anthropic was at a 350b valuation was 2-4b (depending on dilution). At a new value of 800b that Anthropic is fielding to VC's (per [cnbc](https://www.cnbc.com/video/2026/04/15/anthropic-fields-vc-offers-to-invest-at-800-billion-valuation-reports.html)), Zoom's stake is 18-36% of it's current market cap.
[From SEC, screened by ChatGPT](https://preview.redd.it/ur6z1p7nbdvg1.png?width=1560&format=png&auto=webp&s=29f52baa3fa9506d062e9d996ff81c3022bcf6ac)
In addition, 66% of total liabilities are deferred revenue. ZM also is not facing risk of disruption, and recently had a [collaboration](https://news.zoom.com/zoom-meeting-intelligence-in-claude/) with Anthropic. FCF is \~2b and growth is flat, though increasing.
Position:
48x Apr 24, 80c
15x May 1, 90c