The proposed investment structure
NAVER, NVIDIA, and Brookfield announced a plan to expand the NVIDIA DSX AI factory at NAVER’s GAK Sejong data center from 55 megawatts to 200 megawatts by 2028. NAVER also described a longer-term path toward 1 gigawatt of NVIDIA AI infrastructure.
The disclosed financing structure is:
- NVIDIA: a proposed $1 billion strategic investment in NAVER
- Brookfield: a nonbinding term sheet to fund up to $9 billion
- NAVER: the remaining project funding
Why this is not yet a completed investment
The announcement does not mean all capital has been committed or deployed. NVIDIA’s investment remains subject to customary closing conditions and NAVER securing at least $9 billion of committed financing separate from NVIDIA’s investment. Brookfield’s document is a nonbinding term sheet. The headline amounts should not be treated as completed investment or recognized revenue.
Industry significance
The proposed facility is expected to use NVIDIA infrastructure including Vera Rubin and Blackwell to serve AI developers in Korea and the United States. It illustrates how sovereign AI infrastructure is becoming a combined business of chips, data-center power, asset finance, and cloud operations rather than a hardware purchase alone.
NAVER also plans to develop HyperCLOVA X on Nemotron 3 Ultra and launch an AI agent platform in the second half of the year. Those product plans are forward-looking and may change in timing or outcome.
What the market should verify
The next evidence points are binding financing, transaction closing, power and construction schedules, cloud customer commitments, and NAVER’s capital burden and revenue model. The proposal is strategically significant, but valuation should follow execution milestones rather than assume the entire announced amount immediately. This article is not investment advice.