Past performance does not predict future results. Informational only, not investment advice.
ZM could be an acquisition target at $45B+ (above current $30B market cap), given its $7B-$8B cash position, Anthropic stake, and recurring SaaS revenue, making it attractive to strategic acquirers seeking AI exposure at a discount to standalone valuation.
Zoom is listed as a pre-IPO Anthropic proxy investment option benefiting from redirected retail demand.
Zoom's core business is valued at $17.4B with strong free cash flow above $1.1B, while 45% of its $31.5B market cap derives from non-business assets including a $6B+ stake in Anthropic. Upcoming Q2-Q3 unrealized gains from the Anthropic IPO and potential post-IPO capital allocation (acquisitions, buybacks, dividends) could drive significant upside.
Zoom's core business is severely undervalued at a 3x EV/FCF multiple while the market ignores its $10B+ stake in Anthropic. Once Anthropic's rumored late-2026 IPO occurs, investors seeking AI exposure will recognize the margin of safety in owning Zoom's dominant enterprise software platform bundled with a major stake in a $1T AI company, driving a significant re-rating.
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