Naver needs deep pockets for AI factory with Nvidia — and it's heading to North America to find them
The Korean tech giant's founder will visit the investment firm Brookfield as the company pursues financing for its AI infrastructure project with Nvidia before heading to Silicon Valley.
Naver's founder and board chair Lee Hae-jin, left, and Nvidia CEO Jensen Huang greet each other during a welcome event at Naver's headquarters in Seongnam, Gyeonggi, on June 8.NAVER
Fresh off an agreement with Nvidia on an ambitious AI factory project, Naver is now set to court one of the world's largest investment firms with the aim of securing financing.
Naver founder and board chair Lee Hae-jin and other senior executives are scheduled to visit Brookfield, one of the world's largest alternative asset managers, in Canada this week before heading to Silicon Valley, where another meeting with Nvidia CEO Jensen Huang is expected.
Lee and Huang met in Seoul during Huang’s visit to Korea in June, when they unveiled plans to build a gigawatt-scale global AI factory.
Should another meeting take place, the pair are expected to review progress on the AI factory project and discuss further cooperation.
Before heading to Silicon Valley, Lee will visit Brookfield, which oversees more than $1 trillion in assets. The firm is best known in Korea as the owner of the International Finance Center, an iconic skyscraper complex in Yeouido, western Seoul.
Brookfield has been ramping up investments in AI infrastructure, notably with the launch of the $100 billion Brookfield Artificial Intelligence Infrastructure Fund with Nvidia and other partners in November of last year.
Naver's founder and board chair Lee Hae-jin, left, and Nvidia CEO Jensen Huang attend a welcome event at Naver's headquarters in Seongnam, Gyeonggi, on June 8.NEWS1
"Brookfield is reportedly showing strong interest in Naver's AI factory project," an unnamed industry source said. "The investment under discussion could exceed 10 trillion won [$6.8 billion]."
Naver's chief finance officer, Kim Hee-cheol, who oversees the company's finance and investment operations, is expected to join the trip along with other senior executives. His expected participation fueled speculation that negotiations have progressed beyond the preliminary stage.
The AI factory pursued by Naver and Nvidia would go beyond a conventional data center, with the companies envisioning a next-generation infrastructure platform optimized for AI training, inference and deployment.
The two firms plan to combine Nvidia’s GPUs and AI computing technology with Naver’s cloud capabilities and its experience building Gak Sejong, its massive data center in Sejong.
A night view of Gak Sejong, Naver's data center in SejongNAVER
During Huang's June visit, Naver laid out an ambitious expansion plan for its AI factory, with the aim of launching a 55-megawatt facility in the first half of 2027 and increasing capacity to 100 megawatts by the end of the year, counting both domestic and overseas infrastructure.
The Korean tech giant ultimately plans to scale up to 200 megawatts in 2028 and, over the longer term, build a 1-gigawatt AI infrastructure network.
Naver has emphasized that its cooperation with Nvidia extends beyond just GPU supply. The strategic partnership is expected to cover growing global demand, infrastructure construction and even capital investment.
Industry observers believe that an investment from Brookfield could propel the AI factory project into full-scale development. Naver has long been seen as lacking the massive capital needed to compete in AI infrastructure, but securing global financing could significantly strengthen its position.
The precise investment structure, including whether it would involve an equity investment or a joint capital contribution, has not been confirmed. A Naver spokesperson declined to comment on the matter.
SK Group Chairman Chey Tae-won, on the left and Nvidia CEO Jensen Huang raise their glasses at a restaurant near Hongdae in Mapo District, western Seoul, on June 5.CHOI GI-UNG
Meanwhile, SK Group Chairman Chey Tae-won is also expected to travel to the United States this week, where he may discuss AI cooperation with Huang.
The stars may be aligning for another "Kkanbu meeting." With executives from the two Korean tech heavyweights heading to the United States at the same time, industry insiders are watching to see whether the AI power players reunite after their June gathering in Seoul over fried chicken and beer.
This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.
