Although many schemes for valuing intellectual capital have been suggested in recent years, existing methods are difficult to link to stock market valuations and to business strategy. This paper illustrates how options theory and game theory may be usefully combined to value intellectual capital in strategic scenario planning. First, illustrations are given of how option theory and game theory can help assess the “hidden” value of intellectual capital in different strategic scenarios. Second, some game theoretic scenarios are used to suggest ways in which intellectual capital may be used strategically. This suggests that intellectual capital has particular characteristics that need to be considered in developing a strategy based on intellectual capital as opposed to a strategy based on other firm resources.