Zoom had its popularity during COVID, when everyone was working at home, and its share price went up 8x in less than a year. Of course, the correction followed.Now, it is barely mentioned, and I think that is a mistake. But before we get there, let’s talk about Yahoo, some of you might remember that name.Back in 2005, Yahoo invested $1 billion for a 40% stake in Alibaba, a Chinese company that wasn’t that well known at the time.When Alibaba became a public company in 2014, it became clear that this investment was worth more than the underlying Yahoo business.Below is Yahoo’s reported balance sheet (2015 and 2016), with the Alibaba investment worth over $30 billion.Yahoo got acquired, and its last known market capitalization was around $50 billion.Now, what does this have to do with Zoom?Zoom invested $51 million into Anthropic back in 2023 at a valuation of ~$4 billion.Not that long ago, in February, Anthropic raised $30 billion at a $380 billion valuation. Now, there are rumors that VCs are interested in investing in Anthropic at a $800 billion valuation. Why? Because Anthropic’s growth rate is incredible.The chart above was reported on February 12th, 2026This $14 billion run-rate, as impressive as it is, is outdated. In April, this number was already at $30 billion.Yes, Zoom’s investment was relatively small. We also don’t know the valuation lag (on their balance sheet) and the dilution that took place since their initial investment.Based on my best estimate, their stake is worth at least $4 billion.Zoom has also ~$8 billion of cash and marketable securities (and no debt).With a market cap of $26 billion, subtracting the excess cash, marketable securities, and investments, the enterprise value of Zoom is close to $14 billion.The underlying business, valued at $14 billion, seems to be doing quite well.The revenue growth is around the inflation rate, but look at that cost control. The operating margin expanded from 12% to 23%! With the current financials, the company is generating over $1 billion in free cash flow (adjusted for SBC).The data shown during the investor presentations looks very positive, with lower churn and more long-term customers than before.A few links for those who want to explore on their own:Latest annual reportLatest earnings presentationSeptember 2025 investor session - ZoomtopiaWe’re one month away from Zoom’s next earnings report. I am looking forward to their reported gain on strategic investments.Disclosure: I do not own any shares of Zoom. That will change. The business is boring, but solid. The company provides an easy way to get exposure to Anthropic as a bonus.Subscribe now