SK Telecom is the biggest winner from Anthropic cracking down on SPVs, because it is the cleanest public proxy for Anthropic exposure, with no SPV fees or legal issues and full liquidity. x.com 

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

Zoom is a way to own Anthropic equity, and a purer play than Google because its Anthropic stake is larger relative to its market cap. Anthropic's revenue run rate reportedly rose to $44 billion from $30 billion a month earlier, and its next funding round should value it at $900 billion or more. x.com  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 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 

Zoom's stake in Anthropic, likely worth about $15 billion now, is probably more than Zoom's entire enterprise value. The core business is still a cash cow, but it may not matter if the investment can be cashed in for double Zoom's market cap by Anthropic's IPO. 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