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SK Telecom is a far cheaper way to own Anthropic than the Fundrise Innovation Fund. SK Telecom's $100M 2023 stake is estimated at about $2B, roughly 15–20% of its market cap, inside a cash-flowing Korean telecom with a 3–4% dividend that gives it a floor. VCX ran from $31 to $380 in a month against an $18.97 NAV, so Anthropic is only about 1.5% of its value; a reversion toward NAV would be a 90%+ drawdown even if Anthropic performs. The pair runs to January 2027. x.com x.com x.com
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 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 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
Fundrise Innovation Fund is dangerously overpriced after a 1,100% surge in a week. Buyers are paying about 20 times its value, implying a $5.5 trillion valuation for Anthropic, its 21% holding, while Anthropic trades at $500 billion at best in the secondary market. The frenzy reflects desperation for exposure to private AI leaders that refuse to go public, not the fund's worth, so it should not be chased. 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
Fundrise's VCX fund, which owns Anthropic, OpenAI and SpaceX, could squeeze higher as those private giants keep getting rerated almost every week. Its chart is flagging and getting very tight. x.com
The Fundrise Innovation Fund looks like a greater-fool trade: after rising 1,288% this month it trades at roughly 20x NAV, a 1,500-2,000% premium. Its holdings are weighted toward Anthropic, Databricks, OpenAI, Anduril and SpaceX, so buying it is like paying $34 trillion for SpaceX or $16 trillion for OpenAI. Shorting is impractical given its very low float and lack of options for hedging, but buying in means playing hot potato. x.com
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
VCX should keep rising during Anthropic's IPO marketing on retail hype, with every update touting the deal as 100x oversubscribed and indicated to open far above its initial range. x.com
SK Telecom is worth getting into because its AI cloud plan and Anthropic stake are large relative to its $14B market cap. It already earns about $1B a year in operating income, and NVIDIA says SK Telecom plans a gigawatt-scale AI cloud in Korea on its DSX platform, with the first AI factory online in 2027. Its roughly 0.25% Anthropic stake would be worth about $4–4.5B at a $2T valuation after dilution, already 30% of its market cap. x.com x.com
