Naver is understood to be evaluating financing of up to $50 billion (approximately 50 trillion won) for a 1GW artificial intelligence (AI) data centre (DC) business expansion. The details were contained in a post-NDR (Non-Deal Roadshow) report for institutional investors published on the 16th by DS Investment Securities.
Structure: Separating Ownership from Operations
According to the report, Naver is examining a structure that separates asset ownership from operations. Under this model, a dedicated operating subsidiary would establish a separate special purpose vehicle (SPV), with Naver leasing GPUs for its own use. The arrangement follows the global standard model in which financial investors participate as major shareholders of the SPV and hold the underlying assets. The likelihood of shareholder-dilutive capital raising — such as a large-scale rights offering — is assessed as limited.
Initial Phase: 200MW Capacity at Around $10 Billion
The investment required to secure an initial capacity of 200MW is cited in the market at approximately $10 billion (around 13 trillion won). The initial operational volume targeted for the first half of 2027 is expected to consist solely of leased capacity, excluding the Sejong greenfield site. The Sejong greenfield project is expected to take longer than originally anticipated owing to power supply challenges.
Revenue Potential and Profitability Targets
At 1GW capacity, the annual revenue potential is cited by market participants and venture capital circles at more than $20 billion (approximately 26 trillion won). Naver has set out medium-to-long-term targets of double-digit profitability and an early return to profit.
Full-Stack AI Strategy Beyond GPU Infrastructure
Naver intends to go beyond simple GPU infrastructure resale, pursuing a full-stack AI strategy that combines its proprietary foundation model, HyperCLOVA X, with open-source solutions. The company is also understood to be in discussions with Nvidia over preferential supply terms for next-generation chips.
Asian Expansion and Disclosure Timeline
Naver is actively scouting available data centre space across major domestic industrial complexes as well as across the Asian region, including Japan and South-East Asia. Contract disclosures are expected to follow standard procedure upon the completion and signing of final legal agreements.