Look at the headline. Then look at the date.Zoom invested $51 million in Anthropic, and there was a subsequent investment recently (of a similar size). The Anthropic stake was reported at $1.3 billion in the Q1 2026 report.Impressive return? It gets better.For the value to be updated, there has to be an event (another round of raising cash, IPO, etc). Here are the recent events:February 2026: At that time, Anthropic’s ARR was $14 billion, and the company was valued at $380 billion. This is the valuation used in the Q1-reportMay 2026: New round, valuing Anthropic at $965 billion (this will be included in the Q2-2026 numbers, which will be published next week)August 2026 (not an accounting event): Reuters reported Anthropic’s ARR was $65 billion. Rumors of an IPO at $2 trillion are circulating.The accounting numbers will always be behind.But that’s not all.We’ve only covered the Anthropic stake, which is part of the strategic investments. There’s also almost $1 billion in cash and almost $7 billion in marketable securities.45% of Zoom’s market cap has NOTHING to do with its underlying business. Oh, and the above balance sheet is the one from Q1, so the cash generated in Q2 isn’t even included.Subscribe nowWhat about the underlying business?The business is doing better than ever, and the operating profit is up 100% since 2024. The annual free cash flow is above $1.1 billion/year (that’s after subtracting the non-cash share-based compensation) and growing.SummaryBuying Zoom today means the asset you are buying is3% in cash21% in marketable securities21% in investments (the majority of which is Anthropic)55% in Zoom’s underlying businessThis is NOT investment advice. Everything above is for entertainment, informational, and educational purposes. Do your own due diligence.The Finance Corner is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.