NAVER structures NVIDIA’s $1 billion AI-factory commitment as a 4.5% equity placement

NVIDIA ties strategic ownership to NAVER’s ability to secure the remaining $9 billion capital stack.

NAVER will issue approximately 7.24 million new shares to NVIDIA for KRW 1.481 trillion, making NVIDIA a 4.5% shareholder upon completion. The placement converts their AI-infrastructure partnership into direct strategic ownership.

The investment is not yet unconditional. Closing requires NAVER to finalize at least $9 billion of committed project financing, separate from NVIDIA’s investment. Brookfield has signed a nonbinding term sheet to provide up to that amount.

The structure aligns NVIDIA with NAVER’s planned expansion from an initial 55-megawatt deployment to 200 megawatts by 2028 and, eventually, gigawatt-scale AI infrastructure. It also makes external financing—not technology demand—the immediate execution constraint.