SK Telecom is becoming Anthropic's Korean infrastructure partner, not just a holder of an Anthropic stake. Its $100 million 2023 investment is worth an estimated $2.7 billion, about 19% of its market cap, before any Anthropic IPO rerating. CEO Jung Jae-heon said SKT joined the Series H, won't sell, and that Anthropic is discussing compute with SKT. It joined Project Glasswing, and its gigawatt-scale Nvidia AI cloud starts in 2027. It trades at 6.1x EV/EBITDA versus 7.5-9x for Western peers. … Show more

An Anthropic IPO would force a market value onto SK Telecom's stake, which sits on its balance sheet at book value. SK Telecom invested $100M in 2023 at a $5B valuation and still holds roughly 0.3%, worth about $3B at a $1 trillion Anthropic against SK Telecom's roughly $15B market cap. If higher rumored valuations land, the stake becomes a meaningful fraction of the company, offering Anthropic exposure retail cannot otherwise buy, priced like a telco. x.com 

SK Telecom shareholders may never see much of its Anthropic upside, because SKM sits inside the SK Group chaebol, run by a Chey family that favors the group over public holders. Proceeds could leak to affiliates through inflated intercompany contracts or be steered into group priorities, and Chairman Chey Tae-won's $1.1 billion divorce settlement gives him reason to keep value inside the group. ADR holders have no board seats, meaningful votes, real legal recourse or binding dividend policy. … Show more

SK Telecom is a Korean telecom with a free AI lottery ticket in its Anthropic stake, which the market hasn't priced. It invested $100M at a $5B valuation in August 2023; its roughly 0.5% stake is worth about $2B at Anthropic's $380B Series G mark, 14% of SK Telecom's $14.5B market cap. At a $1T Anthropic IPO valuation, the stake would be worth $5B, or 40% of the market cap. WSJ reports Anthropic's next round at $900B, with an IPO reportedly targeted for Q4 2026. x.com  x.com 

SK Telecom offers a buried Anthropic stake priced like a utility. The stake sits on its balance sheet at cost, and Anthropic's confidential IPO filing on June 1, targeting the second half, should force the market to mark it. Per @michaelsikand, SK Telecom has four times the next-best Anthropic exposure per dollar of market cap, and its core telco trades near 6.1x EV/EBITDA. It is still a proxy: foreign-listed, prone to conglomerate discounts, with a stake that is hard to mark precisely. x.com 

SK Telecom offers the most Anthropic exposure per dollar of market cap, four times that of second-place Zoom, and CEO Jung Jae-heon confirmed it took part in Anthropic's Series H and has no plans to sell before the IPO. Excluding that stake, the core telco trades at about 6.1x EV/EBITDA, the cheapest in its global peer group. If Jensen Huang's bet on telecom as critical AI infrastructure pays off, SK Telecom's upside goes far beyond its early Anthropic bet. x.com 

SK Telecom could be a really good play heading into Anthropic's IPO. x.com 

SK Telecom combines a data center business, a stake in Anthropic and the potential turnaround of its legacy telecom business. x.com 

SK Telecom pairs a defensive cash-cow telecom business with a second growth leg as Nvidia's primary Asian AI compute deployment partner. Nvidia announced a partnership with SK Telecom to build gigawatt-scale AI cloud infrastructure in Korea; its first AI factory, due in 2027, will not be full gigawatt scale at launch, but the story holds. Taking SK Broadband fully private gives it control of data center cash flows, while Korea's largest mobile share in mature 5G supplies stable cash. x.com 

SK Telecom's drop looks unjustified because it came alongside genuinely positive news: it is joining Anthropic's restricted Project Glasswing to co-develop AI security systems using the Claude Mythos model. The 12% fall, alongside LG and Samsung SDS, reflected broad profit-taking on Korean AI names ahead of Jensen Huang's Korea visit and after Broadcom's earnings, not company-specific problems. x.com