[E-Daily Reporter Lee So-Hyun ] Naver (NAVER(035420)) has signed a $9 billion agreement with global alternative investment firm Brookfield to secure artificial intelligence (AI) computing infrastructure. With this, the conditions precedent for NVIDIA’s $1 billion strategic equity investment have been met, and the 1-gigawatt (GW) global AI factory project—jointly pursued by Naver, NVIDIA, and Brookfield—has entered the full-scale implementation phase.

On the 27th, Naver announced in an amended disclosure regarding its “Future Business and Management Plans” that it had finalized a computing infrastructure agreement with Brookfield. Previously, Brookfield had been designated as the exclusive preferred negotiating partner for 12 weeks to discuss a formal contract; however, this agreement has now established a concrete investment and operational structure.

Under the agreement, Brookfield will establish a special purpose vehicle (SPV) called “Asset Co. (tentative name)” and invest up to $9 billion to secure AI infrastructure, including graphics processing units (GPUs) and data centers. Naver Cloud will procure GPU-based computing resources from Asset Co. as a service (GPUaaS) to provide AI data center services to external customers.

Naver will lead the AI Factory business based on its capabilities in building and operating its own GPU clusters and its expertise in data center operations. NVIDIA plans to enhance infrastructure operational efficiency and competitiveness by providing technical cooperation centered on “DSX,” its next-generation high-performance computing platform.

Naver expects this partnership to alleviate the initial investment burden associated with building large-scale AI infrastructure. Brookfield will provide funding to secure the infrastructure, and Naver Cloud will pay usage fees tied to business revenue. Through this arrangement, the company aims to manage the financial burden during the early stages of the business while gradually expanding the infrastructure to meet AI computing demand.

Although a Brookfield-affiliated special purpose vehicle holds 100% of the equity in Asset, Naver’s control is recognized under Korean International Financial Reporting Standards (K-IFRS), and Asset is scheduled to be consolidated as a subsidiary.

This agreement is also expected to accelerate NVIDIA’s strategic equity investment in Naver. NVIDIA has agreed to participate in Naver’s third-party private placement, valued at approximately $1 billion. Since the investment’s preconditions have been met through this agreement, Naver plans to finalize the private placement process promptly and will provide further details at a later date.

AI Factory will begin operations in the first half of 2027 with a capacity of 55 megawatts (MW), using the hyperscale data center “Gak Sejong” as its core hub. It plans to increase capacity to 100 MW by the end of that year and to 200 MW by 2028. Long-term goals include building 1 GW-class infrastructure and expanding the business beyond the Asia-Pacific region into overseas markets such as Europe and the Middle East.

Meanwhile, Naver announced in a separate disclosure that day that it had decided to provide a debt guarantee worth 18.74 trillion won regarding Naver Cloud’s obligations to pay fees related to the AI Factory. This amount represents 64.73% of Naver’s equity.

This amount represents the total nominal value of GPU service fees expected to be paid through the end of 2034—the maximum contract term—assuming the full $9 billion investment limit is utilized. As of the date of the disclosure, there is no confirmed obligation to pay these fees, and the actual payment amount may vary depending on the GPU investment schedule, interest rates, and exchange rates.

Naver explained that this payment guarantee is a measure to build trust for the smooth execution of the contract, and that the guarantee itself does not immediately result in actual cash outflows or cost burdens.