[Edaily Reporter Lee So-Hyun ] NVIDIA has completed a strategic equity investment of $1 billion (approximately 1.3412 trillion won) in Naver (NAVER(035420)). By securing approximately 4.13% of Naver’s shares, NVIDIA has become the third-largest shareholder, following the National Pension Service and BlackRock. Global alternative investment firm Brookfield has also finalized plans for a $9 billion investment in artificial intelligence (AI) infrastructure, putting the global AI Factory project—a three-way partnership between Naver, NVIDIA, and Brookfield—on track.

On the 6th, Naver announced in a regulatory filing titled “Results of a Capital Increase or Issuance of Stock-Related Bonds” that the full amount of 1,341,199,957,500 won from the third-party capital increase allocated to NVIDIA had been paid in full. A total of 6,558,435 common shares were actually issued.

The issue price per share was 204,500 won. NVIDIA’s stake in Naver stands at approximately 4.13%, surpassing the stake held by Naver Chairman Lee Hae-jin, the company’s founder. The new shares are scheduled to be listed on the 27th, and the acquired shares are subject to a one-year lock-up period.

While the investment amount in U.S. dollars remains the same as originally contracted at $1 billion, the amount raised in Korean won and the number of shares issued decreased due to a decline in the exchange rate. The exchange rate applied at the time of the initial disclosure was 1,480.9 won per dollar, but the final exchange rate was set at 1,341.2 won. Consequently, the amount raised in Korean won decreased by approximately 139.7 billion won, and the number of shares issued decreased by 683,129 shares.

Brookfield Owns Over 200 MW of GPU Infrastructure… Operated by Naver Cloud

This investment follows the new share subscription agreement signed between Naver and NVIDIA last July. At that time, NVIDIA had stipulated that securing at least $9 billion worth of AI computing infrastructure was a prerequisite for the investment. Naver fulfilled this condition by signing a related agreement with Brookfield on the 27th of last month.

Brookfield also announced in a separate statement that day that it had entered into a capital partnership with Naver worth approximately $9 billion. This marks Brookfield’s first investment in South Korea’s AI computing infrastructure. Brookfield explained that this transaction is the largest sponsor-led private investment ever conducted in South Korea.

Specifically, Brookfield will fund and own NVIDIA GPU infrastructure with a capacity of over 200 megawatts (MW) to be built in various data centers across South Korea. Naver Cloud, a wholly-owned subsidiary of Naver, will secure the entire computing capacity through a long-term contract and be responsible for its operation and commercialization.

Under this arrangement, “Asset Co.” (tentative name), an asset-holding company to be established by Brookfield, will build the infrastructure, while Naver Cloud will utilize it to provide AI computing services to customers. NVIDIA will support the initiative through technical collaboration, focusing on GPU supply and its next-generation computing platform, “DSX.”

The plan is to combine Brookfield’s financial strength, NVIDIA’s technology, and Naver’s data center operational capabilities to spread the burden of large-scale initial investment. However, Asset Co., in which Brookfield holds a 100% stake, is expected to be consolidated as a subsidiary of Naver under accounting standards.

According to Brookfield, the transaction is expected to be finalized in early 2027, subject to the satisfaction of customary closing conditions.

Target Operation Date: 2027… Securing Global Clients Is Key

Naver will invest the funds raised through this rights offering into its new AI Factory business. Starting with 4.56 billion won this year, the company plans to allocate 626.743 billion won in 2027 and 709.897 billion won from 2028 onward.

The AI Factory will begin operations in the first half of 2027 with a capacity of 55 MW, using the “Gak Sejong” hyperscale data center in Sejong City as its first hub. It aims to expand to a cumulative 100 MW by the end of that year and 200 MW by 2028, with a long-term goal of building a 1-gigawatt (GW) class global infrastructure. Brookfield’s GPU infrastructure is also scheduled to be built in phases from 2027 through 2028.

With Brookfield’s capital-raising agreement and NVIDIA’s equity investment now finalized, the key focus is expected to shift to attracting global clients and achieving actual profitability. The stable operation of the large-scale GPU infrastructure and securing long-term supply contracts are likely to determine the success or failure of Naver’s AI Factory business.

Park Jun-woo, CEO of Brookfield Korea, stated, “Brookfield is not merely a source of funding but a long-term strategic partner that combines capital, industry expertise, and a global network to help companies take a leap forward.” He added, “This investment, in partnership with Naver and NVIDIA, reflects our confidence in the long-term growth potential of the Korean market and our commitment to actively supporting the infrastructure that will underpin next-generation innovation.”