$SKM just got a lot more interesting on this IPO Anthropic news. SK Telecom put $100 million into Anthropic in 2023 when it was valued at $5 billion. They still hold roughly 0.3% of the company. That stake is worth somewhere around a few billion today, against a market cap around $15 billion. And it sits on the balance sheet at book value, not marked to market. An IPO forces a real number onto it. The leverage is the interesting part. At 0.3% of a trillion dollar Anthropic, that’s roughly $3 billion. If the higher rumored valuations land anywhere close, the stake approaches a meaningful fraction of the entire company. Meanwhile retail still can’t buy Anthropic directly. You’re getting exposure to one of the most anticipated listings in years through something priced like a telco.
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