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Monday’s Bonus Content

Zoom’s Anthropic Stake and Huge Cash Pile Could Change the Story

Author: Jeffrey Neal Johnson. Article Posted: 1/27/2026. 

Key Points

• Zoom maintains a fortress balance sheet with significant liquidity that supports the stock price while enabling flexible capital allocation strategies.
• The strategic equity investment in Anthropic offers shareholders a unique proxy method to gain exposure to the high-growth private artificial intelligence market.
• Including advanced artificial intelligence features at no extra cost creates a strong competitive moat that helps retain enterprise customers against larger rivals.

For the past several years, the investment narrative surrounding Zoom Video Communications (NASDAQ: ZM) has been relatively one-dimensional. The story focused almost exclusively on the return-to-office trend and whether the company could maintain growth after the global pandemic. However, as of late January 2026, with the stock trading around $95, market sentiment is shifting. Investors are beginning to look past churn in video calling and focus on a large, underappreciated asset on Zoom’s balance sheet.

Zoom is no longer just a software utility; it has evolved into a deep-value holding company. The primary catalyst for this new perspective is an early-stage equity investment in Anthropic, one of the world’s leading artificial intelligence firms. That stake gives investors a potential backdoor into the private AI market and forces a re-evaluation of what Zoom stock is actually worth.

The Anthropic Factor: Accessing the AI Boom Through a Proxy

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To understand the bullish case for Zoom, investors should examine its venture portfolio. In May 2023, Zoom Ventures made a strategic investment in Anthropic. At the time it looked like a standard partnership; since then, Anthropic — the creator of the Claude AI models — has established itself as a top-tier competitor to OpenAI (ChatGPT) and Alphabet’s (NASDAQ: GOOGL) DeepMind.

Zoom’s timing was advantageous. By investing in 2023, the company secured its stake before the valuation surges that characterized the AI sector in late 2024 and 2025. While tech giants such as Amazon (NASDAQ: AMZN) and Google have also invested heavily in Anthropic, Zoom’s much smaller market capitalization means a successful liquidity event for Anthropic (for example, an IPO) would move the needle more for Zoom shareholders than for a trillion-dollar mega-cap.

Because Anthropic remains private, its shares are not available on public exchanges. You cannot buy Anthropic directly from a brokerage account. But owning Zoom stock effectively acts as a proxy: as Anthropic’s private-market valuation rises, the value of Zoom’s stake increases too. That appreciation creates a layer of paper wealth on Zoom’s balance sheet that isn’t reflected in standard revenue metrics but represents real asset value.

The $7.9 Billion Cushion: A Mathematical Floor for the Stock

The presence of this appreciating AI asset has prompted analysts to use a sum-of-the-parts valuation. This approach values a company by breaking it into component assets instead of judging it solely on a price-to-earnings ratio. Viewed this way, Zoom looks cheaper relative to software peers.

Start with Zoom’s fortress-like balance sheet. The company holds roughly $7.9 billion in cash, cash equivalents, and marketable securities and carries effectively no debt.

Here’s how the valuation math looks for a value investor:

• Total Market Cap: The market values Zoom at about $27 billion.
• Subtract the Cash: Remove the $7.9 billion in cash and the market is effectively valuing the operating business at roughly $19.1 billion.
• Subtract the Hidden Asset: Subtract an estimated value for the Anthropic stake (roughly $2–$4 billion). The remainder is the price you’re paying for Zoom’s core business.

That arithmetic implies investors are acquiring Zoom’s profitable core operations — Meetings, Phone, and Contact Center — at a relatively low multiple. The cash and the Anthropic stake provide a margin of safety and a financial floor, limiting downside risk because the company’s assets alone support a meaningful portion of the stock price even amid short-term revenue headwinds.

The Federated Moat: How Ownership Powers Product Strategy

The Anthropic partnership is more than a potential financial windfall; it’s a strategic defensive play versus Microsoft (NASDAQ: MSFT). Microsoft’s deep alliance with OpenAI powers its Copilot features, and had Zoom been forced to license AI capabilities at retail rates, its margins could be squeezed.

Zoom employs a federated AI approach: the platform routes tasks to different models based on performance and cost. Because of its ownership stake and strategic relationship, Zoom has privileged access to Anthropic’s Claude model. Claude’s large context window lets it read and summarize massive amounts of text — for example, an hour-long meeting transcript — more accurately than many alternatives.

That advantage changes the economics. Microsoft and other competitors often charge premium fees (sometimes up to $30 per user per month) for AI add-ons. Zoom, by contrast, includes its AI Companion at no additional cost for paid license holders.

Giving away premium AI features is a classic moat strategy. It boosts subscription value, reduces churn, and makes it harder for customers to justify switching to alternatives like Microsoft Teams. A company might save on a bundled price, but it would lose free, high-quality AI tools employees have come to rely on.

A Value Play in a Growth Market

Zoom’s investment thesis has evolved. Where it was once a speculative hyper-growth story in 2020, by 2026 it looks like a calculated value play: a profitable, cash-rich public company that also owns a stake in a fast-appreciating private AI firm.

Although the core business faces growth headwinds, the downside is cushioned by the $7.9 billion cash hoard and a management team focused on disciplined capital allocation. Combine that safety net with the speculative upside of the Anthropic stake and the stock’s risk/reward profile looks compelling.

For investors who missed the early AI run, Zoom offers a second chance: exposure to one of the most important private AI companies while retaining the downside protections of a profitable, cash-rich public company. It may not be the flashiest Nasdaq name, but the numbers suggest it could be one of the most misunderstood.

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