Naver披露与Nvidia、Brookfield的100亿美元AI工厂项目SPV结构

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Naver Unveils Structure for $10 Billion AI Factory Project
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Brookfield-backed SPV to own infrastructure while Naver handles operations and computing services
kimsungjin
Published 2026.08.04 18:33
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Naver disclosed the detailed structure of its AI Factory project being developed with Nvidia and Brookfield. (Source: Naver)
Naver has disclosed the structure of its artificial intelligence (AI) factory project being developed with Nvidia and Brookfield. Under the proposed framework, graphics processing units (GPUs) and data center assets will be owned by a special-purpose vehicle (SPV) led by Brookfield, while Naver will sell computing capacity to customers through a separate operating subsidiary. The model allows Naver to avoid the burden of directly building and owning large-scale infrastructure while retaining AI infrastructure operations and service-related revenue.
According to Naver’s proposed structure for the first-phase 200-megawatt (MW) AI Factory project disclosed on Aug. 3, Nvidia will make a $1 billion equity investment in Naver. Naver plans to establish a dedicated operating entity for the AI Factory business and retain full ownership of the subsidiary. Brookfield is in discussions to participate as the lead shareholder of an SPV that could invest up to $9 billion in the project.
The initiative represents the first phase of Naver’s long-term plan to build 1 gigawatt (GW) of AI infrastructure. The company has increased the initial deployment target to 200 MW from the previously announced 55 MW. Approximately 100,000 Nvidia GPUs are expected to be deployed, centered on Naver’s hyperscale data center, "GAK Sejong," in Sejong City. Nvidia’s Blackwell and next-generation Vera Rubin platforms are also included in the deployment plan.
A key feature of the structure is the separation of asset ownership from service operations. The Brookfield-led SPV will use invested capital to purchase Nvidia GPUs and acquire or lease data center sites. The SPV will also own and manage infrastructure required for AI operations, including power, cooling, and networking systems.
The AI Factory operating company, a wholly owned Naver subsidiary, will procure computing capacity from the SPV. The operator will pay for computing resources based on usage or contracted capacity and resell those resources to external customers, including enterprises, government agencies, and AI developers.
Under Naver’s proposed model, the operating company purchases computing capacity from the SPV at a cost of “x per MW” and sells it to customers at “x plus α per MW.” The margin, represented by α, serves as the company’s primary revenue source. Additional revenue is expected from full-stack services that combine AI models, cloud software, networking, and technical support.
The structure is designed to reduce the substantial upfront investment typically required for AI data centers. If Naver were to build a 200-MW AI Factory directly, it would need to fund GPU purchases as well as data center land, power infrastructure, cooling systems, and networking facilities. By having the Brookfield-led SPV own those assets, Naver can access large-scale computing capacity without directly purchasing the infrastructure. Brookfield, in turn, would recover its investment through long-term computing usage fees paid by the operating company. The arrangement resembles a real estate investment model in which a property owner generates returns through leasing, except that the leased assets include GPUs, power, and cooling infrastructure in addition to physical facilities.
Nvidia will make a strategic investment in Naver while simultaneously supplying GPUs to the SPV. The arrangement effectively links equity investment with large-scale GPU sales, securing a long-term customer for Nvidia. Through the strategic partnership, Naver expects to strengthen access to next-generation GPU supply and deepen technical collaboration. Naver is also considering acquiring a minority stake in the SPV to enhance participation in the project and secure stable access to computing resources. Naver said Brookfield has been selected as the exclusive preferred negotiating partner for a 12-week period while detailed investment and contractual terms are discussed.
However, Brookfield’s proposed $9 billion commitment has not been finalized. According to Nvidia, Brookfield has signed a non-binding term sheet to support up to $9 billion. Naver is expected to fund the remaining portion of the $10 billion project after accounting for investments from Brookfield and Nvidia.
Nvidia’s $1 billion investment is also subject to conditions, including Naver securing at least $9 billion in committed financing separate from Nvidia’s investment. As a result, the scale of the investment and the final business structure could change if negotiations with Brookfield are not completed successfully.
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