Naver has secured a $1 billion (approximately 1.48 trillion won) equity investment from Nvidia. The company is also moving forward with plans to retire about 1 trillion won in its own shares.
On July 27, Naver announced that it will issue 7,241,564 common shares to Nvidia through a third-party allocation. The issue price is set at 204,500 won per share, with expected proceeds amounting to 1,480,899,983,000 won.
The payment date is scheduled for October 30, and the new shares are expected to be listed on November 20.
Naver stated that the funds raised will be invested in new AI factory-related projects. As a prerequisite for the capital increase, the company has committed to securing a minimum of $9 billion in computing infrastructure, excluding the funds from the capital increase.
Naver will lead the acquisition and operation of data center sites, while Nvidia will supply graphics processing units (GPUs). The plan includes securing 55 megawatts (MW) of infrastructure in the first half of 2027, increasing to 100 MW by the end of that year, and reaching 200 MW by 2028, with long-term goals for gigawatt (GW) scale expansion.
The initial operational base will be Naver's hyperscale data center, 'Gak Sejong.' Future expansions are planned beyond the Asia-Pacific region to Europe and the Middle East, with the introduction of Nvidia's next-generation infrastructure platform, 'DSX.' Discussions are ongoing with Brookfield Asset Management regarding project financing for the $9 billion computing infrastructure.
Additionally, Naver plans to retire 4,901,094 of its own shares on August 3, with the expected amount based on the closing price from July 24 being 1,016,977,000,000 won.
* This article has been translated by AI.
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