Jackson Peak Capital on Zoom
Thesis
We initiated an event-driven position in Zoom to capitalize on a re-rating driven by its stake in Anthropic, which has seen a significant increase in its valuation and recurring revenue. The investment's downside is protected by Zoom's own solid execution, its attractive valuation, and the market's discount to the value of its Anthropic stake.
“We initiated the position to capture a re-rating driven by ZM's stake in Anthropic and the significant ramp in Anthropic's ARR and valuation during the quarter. The position had attractive downside protection given ZM's execution, valuation, and the discount the market was applying to the Anthropic stake.”