2 Software Stocks to Buy Before the Anthropic IPO

Anthropic has filed a confidential S-1, putting it on track for what could be one of history's largest IPOs. The article argues investors can already gain indirect AI exposure through Salesforce and Zoom, which have strategic stakes in Anthropic valued at roughly $5 billion and $1.3 billion, respectively. It frames Claude's expansion as a tailwind for both companies' enterprise software platforms despite broader SaaS disruption concerns.

Analysis

The market is still treating Anthropic as a disintermediating force for enterprise software, but the more important second-order effect is distribution capture: the model winner gets monetized less through stand-alone SaaS spend and more through whichever incumbents embed it deepest into workflow surfaces. That argues for CRM and ZM as “AI toll booths” rather than direct AI losers — the near-term risk is multiple compression from headline fear, while the medium-term benefit is higher ARPU, better retention, and lower churn in the installed base. The fact that both already sit inside regulated, high-friction buying environments makes the embedded-AI layer stickier than a pure point-solution overlay.

The contrarian point is that the IPO narrative itself may be a sentiment reset, not an economic one. Once Anthropic becomes public, the market will likely mark its stake value inside CRM and ZM more frequently, but that can cut both ways: it creates a visible asset while also raising expectations for monetization cadence and margin contribution. If Anthropic’s growth slows or capex intensifies, the “embedded upside” story can fade quickly; if the IPO clears at an aggressive valuation, it may actually pull the software complex higher by validating that AI distribution is accruing to platform owners, not just model builders.

The cleanest trade is not outright beta long CRM/ZM; it is a relative-value expression against the most vulnerable workflow software exposed to per-seat pricing pressure. The setup should matter over the next 3-9 months as Q/Q guidance and billings commentary reflect whether AI features are expanding wallets or merely defending renewals. In the shorter term, the trade is mostly about positioning and sentiment — any pullback on “SaaSpocalypse” headlines is a better entry than chasing strength after the IPO filing cycle.

Key Decisions for Investors

• Long CRM / short SNOW as a 3-6 month pair: CRM has a clearer path to monetizing embedded AI through a broader workflow stack, while SNOW faces greater risk of value-capture leakage if AI shifts spend toward application layers. Target 8-12% spread capture; cut if SNOW re-accelerates consumption growth.
• Long ZM / short WDAY over 2-4 quarters: ZM’s AI Companion is a usage-expansion lever in meetings/contact center, whereas WDAY is more exposed to seat-based budget scrutiny and AI-driven procurement resets. Favor on dips after earnings-related drawdowns.
• Buy CRM call spreads 6-9 months out on any post-earnings volatility: the thesis is not explosive upside, but a valuation re-rating if investors accept CRM as an AI distribution platform. Structure for ~2:1 upside/downside with defined premium risk.
• Keep a tactical long in ZM only if the stock underperforms into the Anthropic IPO window: the market is likely to underappreciate the embedded asset value until it is re-marked publicly. Use a 5-7% stop if broader software multiples break lower.
• Avoid chasing PLTR/TEAM-style AI beneficiaries here; the better risk/reward is in incumbent platforms where AI is defensive-to-moderately-expansive rather than priced as a growth-optionality narrative.