[Edaily Reporter Lee So-Hyun ] Naver (NAVER(035420)) has secured data center capacity exceeding the 200 megawatts (MW) target it set for its AI Factory business by 2028. It has also signed a computing services supply contract worth approximately 2 trillion won with a U.S. AI company, securing a customer for the initial supply volume next year. Following strategic investments from NVIDIA and Brookfield, the AI Factory business appears to have entered a full-scale implementation phase as infrastructure and customer acquisition plans have taken shape.

Naver CEO Choi Soo-yeon stated during the Q3 2026 earnings call on the 12th, “The data center capacity secured through contracts to date exceeds the target capacity announced for 2028.”

Naver had previously announced its goal to launch the AI Factory business with a capacity of 55 MW in the first half of 2027, gradually expanding to 100 MW by the end of that year and 200 MW by 2028. The company’s ultimate vision is to build AI computing infrastructure on a scale of 1 gigawatt (GW).

During the second-quarter earnings call, the company explained that it had secured nearly all of the external leased space required to reach 200 MW; this time, it provided more concrete details on the project’s progress by announcing that the contracted data center capacity had surpassed the target. The key question moving forward is whether all of the secured data center capacity will actually come online or result in customer contracts.

2 Trillion Won Contract with U.S. AI Inference Company… First Revenue Expected Next Year

The company also achieved results in securing customers. CEO Choi stated, “We have signed a computing service supply contract worth approximately 2 trillion won—including next-generation GPUs—

with a

U.S

.

AI inference

company

, thereby securing customers for the initial volume in 2027.”

He added, “This is a significant contract that confirms actual market demand for the AI Factory business and its initial viability; revenue is expected to be generated sequentially starting with the launch of commercial services in the first half of next year.”

Starting with this contract, Naver plans to expand its customer base among global AI companies. Specifically, the strategy involves pursuing medium- to long-term contracts with large clients while also securing AI companies with high growth potential to reduce dependence on any single customer.

CEO Choi emphasized, “We believe this newly acquired client holds high potential for mid- to long-term growth, as this contract could lead to additional, larger-scale agreements as the service expands in the future.”

Naver is currently in discussions regarding short- and medium-to-long-term supply contracts with numerous global companies, including major AI model developers. As computing demand increases with the growth of AI models and services, the company aims to secure these initial customers as long-term clients.

Securing a Lead in

NVIDIA’s Next-Generation GPUs… Confident in Pricing Negotiation Power

Naver also highlighted its competitive edge in having proactively secured data center infrastructure capable of running next-generation GPUs.

CEO Choi explained that while global demand for NVIDIA’s next-generation “Vera Rubin” GPU platform is growing rapidly, there are a limited number of data centers equipped with the high-density power and cooling infrastructure required to operate them at scale. Naver maintains that it has proactively secured most of the relevant data centers available in South Korea.

CEO Choi stated, “Having personally confirmed the high demand for the latest GPUs and the scarcity of the capacity to supply them in a timely manner, we are conducting price negotiations with strong confidence in securing additional customers.”

The company is also expanding its GPU procurement scale. Naver announced that it is currently in discussions with NVIDIA regarding a contract for the largest server order in the Asian region. The strategy is to secure cost competitiveness through large-scale procurement while prioritizing the provision of the supply-constrained Vera Rubin platform to customers. However, the specific order volume and the timing of the contract signing were not disclosed.

A financing structure for the AI Factory business has also been established. CEO Choi announced that both the computing infrastructure investment agreement with Brookfield and NVIDIA’s participation in Naver’s rights offering have been finalized. He explained that by combining NVIDIA’s technology and global ecosystem, Brookfield’s capital strength, and Naver’s AI infrastructure operational capabilities, the company has minimized the initial capital burden.

Naver plans to shorten the time from equipment delivery to the launch of commercial services by leveraging NVIDIA’s standard architecture and Naver Cloud’s experience in operating large-scale GPU clusters.

CEO Choi emphasized, “We expect to be able to launch commercial services quickly after the GPU equipment arrives, providing services to customers when they want them and thereby accelerating monetization.” He added, “Through high utilization rates and profitability, we will generate meaningful revenue and profits in the AI Factory business.”