Brookfield Plans Up to $9 Billion in Financing for NAVER AI Factory

Key Facts

Brookfield plans to provide up to $9 billion in financing for the expansion of NAVER’s AI factory in South Korea, but the joint announcement in July described the arrangement as a non-binding term sheet, not a definitive contract. NAVER, NVIDIA and Brookfield said NAVER would provide the remaining project financing. In September, NAVER described Brookfield as committed to investing up to that amount in the first phase. The South Korean company said, however, that it was working with its partners to complete the formal contract quickly after signing a final agreement with the preferred party. That puts the financing at the heart of a major expansion plan, with completion of the contractual documents still outstanding.

The expansion is at NAVER’s hyperscale GAK Sejong center in the city of Sejong, as part of a broader plan to build AI factory infrastructure that could eventually reach 1 gigawatt. A ChosunBiz report on September 4 said Brookfield’s investment in the first phase, with capacity of 200 megawatts, would be up to $9 billion. The report estimated that this capacity could accommodate about 100,000 NVIDIA GPU units. The scale of the first phase gives the project a broad operational footprint from the outset, while the gigawatt target remains a longer-term goal. The joint announcement linked the expansion to strengthening South Korea’s AI infrastructure.

The plan divides the financing between Brookfield and NAVER: Brookfield’s announced contribution in the July term sheet is limited to up to $9 billion, while NAVER will cover the project’s remaining needs. The joint announcement did not specify the amount of remaining financing NAVER would provide. NVIDIA also announced in July that it planned to invest $1 billion in NAVER, a separate investment from the financing Brookfield plans to provide for the project. The arrangement brings together infrastructure financing and capital on one side, and NVIDIA’s direct investment in NAVER on the other. The announcement included no further details on the terms or timing of NVIDIA’s investment.

Brookfield Corporation shares, trading under the ticker BN, closed at $37.95 on October 26, according to EL7 data. They had closed at $37.32 on October 20, then at $38.28 on October 22 and $37.97 on October 23. These prices show variation across the cited sessions before the October 26 close at $37.95. The price record does not link this movement to the NAVER announcement or AI factory project. NAVER’s announced next step is to complete the formal contract with its partners after reaching a final agreement with the preferred party.