When an AI Startup Gains Value Faster Than Public Markets

Anthropic, the company behind the popular language model Claude, in February 2026 closed a colossal funding round of $30 billion, which valued it at $380 billion. For comparison — that is more than double the value of Nike or Disney. Although it is a private company whose shares are not available on public exchanges, demand for any exposure to it among investors is rising sharply.

According to agency Bloomberg, venture capital firms in April 2026 even offered Anthropic preemptive funding at a valuation exceeding $800 billion — which would bring the company close to the current valuation of its biggest rival OpenAI. Anthropic's revenues reportedly grew from $9 billion at the end of 2025 to $30 billion in just the first quarter of 2026.

Why a Korean Telecom?

It is in this context that SK Telecom (NYSE: SKM), the largest South Korean mobile operator, comes to the fore. This company, which at first glance does not have much in common with artificial intelligence, became one of the early investors in Anthropic. In 2023, it invested $100 million in the startup as part of a broader diversification strategy beyond the traditional telecommunications business.

Following the announcement of the February funding round, SK Telecom's American depositary receipts rose 5% in premarket trading on Friday, February 13, and have strengthened by 57% overall this year. For a company with a market capitalization of approximately $11 billion, this is a significant signal that investors are beginning to view its AI portfolio as a key driver of value — despite the fact that the core business remains in telecommunications.

How Much Does SK Telecom Actually Hold?

Analysts at JPMorgan estimate that SK Telecom's stake in Anthropic after all subsequent funding rounds is "well below 0.5%". At Anthropic's current valuation, this means the stake is worth somewhere below $1.9 billion. For a company with a market capitalization of $11 billion, this could theoretically represent up to 17% of its value — in practice, however, this stake is not freely tradable and its exact structure remains non-public.

SK Telecom, meanwhile, is not betting solely on Anthropic. Its portfolio also includes investments in Perplexity AI and Penguin Solutions (PENG), suggesting a systematic approach to building an AI ecosystem. According to available information, the company's management has not directly communicated the exact percentage of ownership in Anthropic to investors, which adds to the speculative nature of this "proxy play."

What Does This Mean for Czech Investors?

For Czech retail investors, Anthropic remains as unattainable as it is for most of the world's population. Direct purchase of shares in a private startup is reserved for accredited investors and venture capital funds. Alternatives such as secondary markets (for example, Forge or EquityZen) require high minimum investments and often special investor status.

SK Telecom offers one of the few publicly tradable paths to gain at least indirect exposure. American Depositary Receipts (ADRs) under the ticker SKM are available through most brokers, including those operating in the Czech Republic and Slovakia. Investors should keep in mind, however, that they are primarily buying a telecommunications company with relatively high debt and a regulated market, not a pure AI play.

An interesting parallel phenomenon is the development of secondary markets where non-public shares are traded. According to TechCrunch, demand for Anthropic shares on these markets is almost "insatiable." This creates upward pressure on prices and attracts European funds as well, which invest in late-stage venture capital through specialized structures.

Amazon, Google, and Other Big Players

SK Telecom is not the only publicly traded company with a tie to Anthropic. Amazon in April 2026 announced an investment of $5 billion in the startup, while Google plans to invest up to $40 billion in cash and computing capacity. For these tech giants, however, Anthropic is just one of many investments, and their stocks react to a much broader spectrum of factors.

This is precisely where the "oddity" of investing in SK Telecom lies: unlike Amazon or Alphabet, where AI investments represent a fraction of value, a relatively small stake in Anthropic can have a more significant impact on the perceived value of the Korean operator. It is a bit like buying an old house just because there might be a forgotten painting in the basement — with the risk that in reality, there is nothing there.

Risks That Investors Must Not Overlook

Investors should be cautious. Dilution — the watering down of a stake in subsequent funding rounds — has already significantly reduced SK Telecom's proportional ownership in Anthropic. If the startup goes public in the future, the value of this stake will depend on lock-up periods and other restrictions on sale.

Besides, SK Telecom's core business remains under pressure. The telecommunications market in South Korea is highly competitive, regulated, and has relatively low margins. The 57% stock growth over a few months may therefore reflect AI euphoria rather than fundamental improvement in telecommunications operations.

For Czech readers, it is also important to be aware of currency risk. Investments in South Korean won are subject to exchange rate fluctuations against the koruna or euro. In times of geopolitical uncertainty on the Korean Peninsula, this risk can be significant.

The AI Investment Fever Continues

The phenomenon of "proxy investments" in AI is not new, but it is gaining intensity. While in previous years investors bought NVIDIA shares as leverage on the entire AI sector, today they are looking for increasingly specific exposures. Anthropic, as one of the few real competitors to OpenAI, has become a target of this fever.

Whether SK Telecom becomes a successful "AI proxy" in the long term depends on several factors: on the further development of Anthropic's valuation, on the Korean company's ability to monetize its partnership, and on how well the integration of AI into telecommunications services succeeds. South Korea, meanwhile, is one of the most advanced 5G markets in the world, which can create interesting synergies between infrastructure and AI applications.