Zoom Sitting on $1.27 Billion in Unrealized Gains From Anthropic Bet
What Happened
Bloomberg disclosed Zoom's Anthropic investment has appreciated to roughly $1.27 billion in unrealized gains, based on the February funding round that valued Anthropic at $380 billion. Zoom has not signaled plans to monetize.
My Take
The most valuable thing Zoom did in the post-pandemic era wasn't a product — it was a check. Expect a wave of "strategic AI investments" footnoted in 10-Ks from companies whose core businesses are stagnating; the AI cap table is becoming a balance sheet asset class. CFOs of legacy SaaS should be asking: where's our Anthropic position? The window to write that check at a reasonable valuation has likely closed, but adjacent infra and applied-AI bets are still live.
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