[Edaily 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 the conditions precedent for NVIDIA’s $1 billion strategic equity investment now met, the process for NVIDIA to become Naver’s third-largest shareholder has also come into focus.

Amid growing concerns over the financial burden of large-scale investments in the global AI infrastructure market, Naver plans to enter the market by leveraging a three-party consortium model that shares capital, technology, and operations.

On the 27th, Naver announced in a revised disclosure regarding its “Future Business and Management Plans” that it had signed an agreement with Brookfield to secure computing infrastructure. This marks the finalization of the formal agreement approximately three months after Naver selected Brookfield as the exclusive preferred negotiating partner last July.

This agreement also fulfills the precondition for NVIDIA’s equity investment in Naver. NVIDIA plans to participate in a third-party private placement offering by Naver worth approximately $1 billion. If the investment is completed as scheduled, NVIDIA will become Naver’s third-largest shareholder, following the National Pension Service and BlackRock. The original payment deadline is the 30th, and Naver plans to finalize the private placement procedures as soon as possible.

Brookfield Capital, NVIDIA Technology, Naver Operations… Three-Party Alliance Gets Underway

The business structure involves Brookfield raising capital, NVIDIA providing technology, and Naver leading operations. Brookfield will establish an asset-holding company, “Asset Co. (tentative name),” through a special purpose vehicle (SPV) and invest up to $9 billion to secure AI infrastructure, including graphics processing units (GPUs) and data centers.

Naver Cloud will receive GPU-based computing resources from Asset Co. as a service (GPUaaS) to provide AI data center services to external customers. Naver will leverage its experience in building and operating its own GPU clusters and its data center operational expertise, while NVIDIA will provide technical collaboration centered on “DSX,” a next-generation high-performance computing platform.

Naver emphasizes that this partnership allows it to enter the AI infrastructure business while reducing the initial investment burden. Brookfield will provide the substantial capital required to build data centers and purchase GPUs, and Naver Cloud will pay usage fees tied to business revenue. GPU investments will also be made in phases to align with customer demand.

Concerns Over

Overinvestment Sparked by CoreWeave… Naver Emphasizes Diversifying Financial Burden

This approach is drawing attention amid concerns over financial burdens in the global AI infrastructure industry. Recently, the financing risks faced by neo-cloud companies—which rely on large-scale capital expenditures and borrowing—have come to the fore, as evidenced by the yield on corporate bonds issued by U.S. AI cloud firm CoreWeave briefly surging to 15%.

Naver’s strategy is to leverage Brookfield’s capital-raising capabilities to spread the burden of direct capital expenditures. Brookfield manages over $1 trillion in assets worldwide and has extensive experience in large-scale infrastructure investments, such as establishing a semiconductor factory joint venture with Intel and collaborating with Microsoft on energy development.

In a report released on the 19th, Shinhan Investment Securities also assessed that Naver’s AI Factory business model involves leveraging external capital to share the burden of capital expenditures, thereby allowing the company to focus on acquiring customers and monetizing operations.

The fact that Naver has a stable cash flow base from its existing businesses—such as search, advertising, and commerce—is also cited as a key differentiator from NeoCloud companies, whose revenue is heavily concentrated on GPU rentals. The plan is to secure AI infrastructure as a new growth engine while maintaining the revenue base of its existing platform businesses.

200 MW to be built by 2028… 18.74 trillion won in payment guarantees

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Naver plans to build an AI factory with a capacity of 55 megawatts (MW) in the first half of 2027, reaching a cumulative 100 MW by the end of that year and a cumulative 200 MW by 2028, with the hyperscale data center “Gak Sejong” serving as its first hub. The long-term goal is to expand to a 1-gigawatt (GW) scale and extend the business beyond the Asia-Pacific region to overseas markets such as Europe and the Middle East.

However, this business structure also entails financial liabilities. In a separate disclosure issued today, Naver announced that it has decided to provide a debt guarantee of 18.74 trillion won for Naver Cloud’s payment obligations related to the AI Factory. This amount represents 64.73% of Naver’s equity.

This represents the total nominal amount of GPU service payments expected to be made by the end of 2034, assuming the full $9 billion investment limit is utilized. Currently, there are no confirmed payment obligations, and the actual amount may vary depending on the GPU investment schedule, interest rates, and exchange rates. The asset, which is 100% owned by Brookfield, is also expected to be consolidated as a subsidiary under Naver’s control in accordance with accounting standards.

A Naver spokesperson stated, “By combining the AI technology and data center operational capabilities we have accumulated over the years with NVIDIA’s cutting-edge computing platform capabilities and Brookfield’s global infrastructure investment capabilities, we have been able to secure both business stability and competitiveness,” adding, “Based on a capital-efficient business structure, we will create new growth opportunities in the global AI infrastructure market.”