[Edaily Reporter Lee So-Hyun ] Following Naver’s (NAVER(035420)) signing of a $9 billion (approximately 12 trillion won) agreement with global alternative investment firm Brookfield to secure artificial intelligence (AI) computing infrastructure, the securities industry has responded with a series of positive assessments that funding uncertainties have been alleviated. Analysts note that since the company has utilized external capital to spread the burden of initial investment, the key challenges moving forward will be attracting global clients and achieving actual profitability.

According to the securities industry on the 28th, DaishinSecurities, Hana Securities, and Daol Investment & Securities assessed that the agreement announced the previous day fulfilled the precondition for NVIDIA’s $1 billion strategic equity investment, marking the entry of the “three-party alliance” AI factory project—involving Naver, NVIDIA, and Brookfield—into the implementation phase.

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Under this business structure, Brookfield will invest up to $9 billion to secure infrastructure such as graphics processing units (GPUs) and data centers, while Naver Cloud will procure these resources to provide AI computing services to customers. NVIDIA will support the initiative with technologies such as its next-generation computing platform “DSX.” Rather than purchasing GPUs directly, Naver will pay usage fees tied to business revenue, thereby spreading the initial investment burden.

In a report released today, Jeong Hae-chang, an analyst at DaishinSecurities, stated, “Amid global AI-related financial volatility, it is positive that the structure for large-scale external capital participation has been formalized through a contract,” adding, “This has alleviated uncertainty regarding financing costs and structure.” He maintained a “Buy” rating and a target price of 280,000 won.

This comes amid growing concerns about debt and overinvestment in the AI infrastructure sector, as evidenced by the yield on corporate bonds issued by U.S. AI cloud company CoreWeave briefly surging to 15% in mid-month. Naver’s ability to generate stable cash flow from search, advertising, and commerce is also cited as a key distinction from NeoCloud companies that rely on GPU leasing.

Lee Jun-ho, an analyst at Hana Securities, also noted, “As key uncertainties regarding funding and infrastructure acquisition have been resolved, the business is moving from the investment planning phase to the actual service delivery stage.” He maintained a “Buy” rating and a target price of 400,000 won.

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The securities industry’s attention is now focused on how many long-term supply contracts Naver can secure with global clients. Analyst Jeong pointed out the trend in which NVIDIA’s AI cloud funding models—pursued with financial institutions such as Brookfield—combine guaranteed revenue for a portion of capacity with customer and cash flow reviews, and highlighted the potential for progress in Naver’s client negotiations. The list of clients and the scale of the contracts have not yet been disclosed.

Hana Securities estimates that revenue and operating profit for Naver’s AI data center business will increase from 1.0566 trillion won and 273.8 billion won in 2027 to 3.3606 trillion won and 1.0706 trillion won in 2028, respectively. These projections are based on assumptions regarding supply capacity and unit prices for long-term GPU contracts. Kim Hye-young, an analyst at Daol Investment & Securities, also viewed the finalization of the business structure positively and suggested that revenue could be reflected in the first quarter of next year, with the possibility of an announcement regarding client orders by the end of the year.

Starting with the “Gak Sejong” data center in Sejong City, Naver plans to build 55 megawatts (MW) in the first half of 2027, reach a cumulative total of 100 MW by the end of that year, and achieve a cumulative total of 200 MW by 2028, with long-term plans to expand to 1 gigawatt (GW) capacity. Earnings are expected to be driven not only by customer contracts but also by GPU installations and utilization rates.

Regarding the 18.74 trillion won in payment guarantees (64.73% of equity) disclosed separately the previous day, Naver explained that this does not entail any immediate costs. This figure represents the total nominal amount of expected GPU service payments through the end of 2034, assuming the full $9 billion investment limit is utilized; there are currently no confirmed payment obligations. Naver maintains that this is a measure to build trust for contract fulfillment.

However, since “Asset Co.” (tentative name), an asset-holding company wholly owned by Brookfield, is scheduled to be consolidated as a subsidiary of Naver, the future reflection of its assets and liabilities is a point worth monitoring.

NVIDIA plans to contribute approximately $1 billion (about 1.5 trillion won) to Naver’s third-party private placement on the 30th and acquire 7,241,564 new shares. Once the process is finalized, it will become Naver’s third-largest shareholder, following the National Pension Service and BlackRock.

Analyst Jeong stated, “It is highly likely that Naver has made progress in customer negotiations alongside the finalization of funding linked to its investment and technology networks,” adding, “We are paying close attention to the possibility that a contract with a global AI company will be announced in the near future.”