$9 billion: Naver’s AI factory now has its funding lined up.
The funder and the user are now separate.
Brookfield will fund an SPV that buys GPUs and data center facilities, investing up to $9 billion before 2028. Naver Cloud will handle operations and pay usage fees tied to revenue, with its parent company guaranteeing payments for up to eight years.
Nvidia’s $1 billion capital injection is conditional on this contract. Now that it’s signed, the investment can move ahead, bringing GPUs and the DSX platform with it.
Why not build it themselves? The target is 1 gigawatt: 55 megawatts to come online in the first half of 2027, 100 megawatts by year-end, and 200 megawatts in 2028. Funding construction themselves would crush their balance sheet from the outset; leasing lets them move faster.
Put simply, the race now isn’t about who can afford to buy the GPUs. It’s about who can lock in power and GPUs first without crushing themselves financially.
The funder and the user are now separate.
The funder and the user are now separate.
Brookfield will fund an SPV that buys GPUs and data center facilities, investing up to $9 billion before 2028. Naver Cloud will handle operations and pay usage fees tied to revenue, with its parent company guaranteeing payments for up to eight years.
Nvidia’s $1 billion capital injection is conditional on this contract. Now that it’s signed, the investment can move ahead, bringing GPUs and the DSX platform with it.
Why not build it themselves? The target is 1 gigawatt: 55 megawatts to come online in the first half of 2027, 100 megawatts by year-end, and 200 megawatts in 2028. Funding construction themselves would crush their balance sheet from the outset; leasing lets them move faster.
Put simply, the race now isn’t about who can afford to buy the GPUs. It’s about who can lock in power and GPUs first without crushing themselves financially.
The funder and the user are now separate.