Naver seals $9b computing infrastructure deal with Brookfield, clearing path for Nvidia investment

Naver and Nvidia signed a strategic investment deal worth $1 billion in July, and a key precondition for Nvidia's equity stake — a computing infrastructure agreement between Naver and Brookfield Asset Management — has now been finalized.

With Nvidia set to become Naver's third-largest shareholder and the Brookfield partnership now in place, the companies' plan to build a 1-gigawatt-class global AI factory is gaining momentum.

Naver said Tuesday it had signed a computing infrastructure agreement with Brookfield worth $9 billion, satisfying the precondition for Nvidia's strategic equity investment.

Naver said it plans to complete the third-party allotment capital increase for Nvidia as soon as possible.

Brookfield will establish a special purpose vehicle tentatively named Asset Co. and invest up to $9 billion to secure AI infrastructure including GPUs and data centers, supplying computing power to Naver Cloud, the AI factory operator.

Naver and Naver Cloud will lead the AI factory project drawing on their accumulated expertise in building large-scale proprietary GPU clusters, the company said.

Operations will begin at 55 megawatts in the first half of 2027, scaling up to 200 megawatts by 2028.

The company plans to use its hyperscale data center Gak Sejong as a core hub and expand the business into overseas markets in stages.

Nvidia will also provide technical support centered on its next-generation high-performance computing platform, aiming to strengthen the AI factory's technological competitiveness and improve infrastructure operational efficiency.

"This agreement and equity investment are significant in that they further strengthen the strategic partnership among Naver, Nvidia and Brookfield, while establishing a long-term cooperative relationship for the three companies to lead the global AI infrastructure market," Naver said.

Naver added that the Brookfield partnership "eases the upfront investment burden required to build large-scale AI infrastructure, and establishes a structure in which usage fees are linked to business sales," saying it expects the arrangement to "help manage the financial burden in the early stages of the business and improve operational stability."

In addition, Naver will provide a payment guarantee of up to eight years for its subsidiary Naver Cloud's usage fee obligations. The company said the guarantee is a measure to secure trust for smooth contract performance and does not in itself translate into actual cash outflows or cost burdens for Naver.

"We will secure both financial stability and business scalability, actively respond to rapidly growing AI computing demand in domestic and overseas markets, and advance toward becoming a leading global AI infrastructure company," Naver said.

Meanwhile, Nvidia will acquire a 4.5 percent stake in Naver through the equity investment, becoming its third-largest shareholder. The payment deadline is Friday. The strategic investment will be carried out through a third-party allotment capital increase — the first time Naver has conducted such an offering in 22 years and the first since its transfer listing to the Kospi in 2008.