Power & Sites · Asia-Pacific

Naver backs Brookfield's $9bn GPU deal with a ₩18.7tn guarantee

Credited to Rackline · Priya Nair · dart.fss.or.kr · 4h ago

Nvidia will pay ₩1.34tn on Nov. 6 for 6,558,435 new Naver shares, Naver said in a Korean filing on Nov. 3, after the won rate for the $1bn investment was fixed at ₩1,341.20 to the dollar. The placement depended on Naver first securing at least $9bn of computing infrastructure, which it did on Oct. 27 through a deal with Brookfield.

That deal is meant to ease the upfront cost of Naver's AI factory. The filings show who carries the risk. Brookfield puts up the money, Naver guarantees the rent, and the guarantee is far larger than the cost of the hardware.

Under the Oct. 27 agreement, a company to be set up by Brookfield's AI infrastructure fund, called Asset Co. for now, will spend up to $9bn by 2028 on GPUs and data centers and rent the computing to Naver Cloud. Naver plans to start at 55MW in the first half of 2027, reach 100MW by the end of that year and 200MW in 2028, with its GAK Sejong data center as the first hub.

Nvidia sits on both sides of the arrangement. Naver's plan names it as the GPU supplier, and the two companies will work together on Nvidia's next-generation DSX data-center platform. Its share purchase could not close until Naver had lined up the $9bn, so the equity and the rental deal arrive as one package.

Naver guaranteed Naver Cloud's payments under those contracts. Its filing puts the guarantee at ₩18.74tn, equal to 64.73% of Naver's equity, running to the end of 2034. The figure is the nominal total of service fees Naver Cloud would owe if the full $9bn is spent. Damages and penalties are covered too, but the filing says it cannot yet put a number on them. With an older ₩0.75tn guarantee, Naver's total guarantees now stand at ₩19.49tn.

At the rate fixed on Nov. 3, $9bn is about ₩12.1tn*. The fees Naver has guaranteed come to about 1.55 times* the cost of the equipment. The filings do not split that gap between financing, return and operating charges. Payments run for six years on each batch of chips from the day that batch is delivered.

Naver has guaranteed more than the kit costs

₩tn; Naver Cloud at end-2025, Naver equity as stated on Oct. 27, 2026

₩tn

View chart data

Naver has guaranteed more than the kit costs
Item	₩tn
Naver Cloud equity	0.66
Naver Cloud assets	2.33
$9bn of equipment*	12.07
Naver's guarantee	18.74
Naver equity	28.95

Source: Naver filings to Korea's DART, Oct. 27 and Nov. 3, 2026; Rackline estimate for equipment*Rackline estimate: $9bn converted at ₩1,341.20 per dollar, the rate fixed on Nov. 3.

The unit that owes the money is small next to that bill. Naver Cloud had ₩1.55tn of revenue in 2025, ₩165.6bn of net income and ₩656.9bn of equity. The guarantee is about 12 times* its annual sales. Brookfield's real counterparty is the parent, which will charge Naver Cloud 0.4375% a year for the guarantee, worth ₩670.7bn over the term on the same full-spending assumption.

Nor does the structure take the assets off Naver's books. Brookfield's fund will own all of Asset Co.'s capital, but Naver says it will control the company under Korean accounting rules and consolidate it as a subsidiary. Asset Co.'s equipment and obligations would then sit in Naver's group accounts. Naver's release says the guarantee itself costs nothing and moves no cash. That is true only for as long as Naver Cloud pays.

What Naver gains is timing. It says usage fees will be tied to the AI factory's revenue to ease the early cash strain, and chips will be bought in batches as demand appears. Nvidia's money adds equity. Naver plans to spend ₩4.56bn of it this year, ₩626.7bn in 2027 and ₩709.9bn from 2028 on the AI factory business.

The stronger won trimmed the proceeds. In July, Naver had estimated the placement at 7,241,564 shares, or ₩1.48tn at ₩1,480.9 to the dollar. The final issue is 683,129 shares* smaller and brings in ₩139.7bn* less. The new shares equal about 4.1%* of Naver's enlarged share count, list on Nov. 27 and are locked up for a year.

Who does what in Naver's AI factory

Table of the Naver AI factory deal: Brookfield's Asset Co. buys up to $9bn of equipment, Naver Cloud rents it, Naver guarantees ₩18.74tn, Nvidia buys $1bn of shares.
Party	Role	Filed terms
Brookfield fund, via Asset Co.	Buys and owns GPUs and data centers	Up to $9bn by 2028; to be consolidated by Naver
Naver Cloud	Runs the AI factory and rents the computing	Fees run six years from each batch's delivery
Naver	Guarantees Naver Cloud's payments	₩18.74tn to end-2034; 0.4375% annual fee
Nvidia	Buys new Naver shares	6,558,435 shares, ₩1.34tn; paid Nov. 6
Capacity	Build-out targets	55MW H1 2027; 100MW end-2027; 200MW 2028

Source: Naver filings to Korea's DART, Oct. 27, 2026 and Nov. 3, 2026; Naver release, Oct. 27, 2026

For Brookfield, this is Naver credit with chips attached, not a wager on what used GPUs will fetch. For Naver shareholders the test is how fast the 200MW fills. If customers arrive on schedule, the revenue-linked fees work as designed. If they do not, the guarantee still covers six years of payments on every batch Naver Cloud has taken.

* Rackline estimate, calculated from Naver's DART filings of Oct. 27 and Nov. 3, 2026: $9bn at ₩1,341.20 per dollar (the filing does not state the rate behind the ₩18.74tn); ₩18.74tn divided by that sum and by Naver Cloud's 2025 revenue of ₩1,554.5bn; July versus Nov. 3 share and won amounts; 6,558,435 new shares over 158,684,979 after the issue.

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Power & Sites · Asia-Pacific

NTT Data opens JKT2A data center in Indonesia

Credited to Data Center Dynamics · datacenterdynamics.com · 1h ago

Photograph · Data Center Dynamics

NTT Data has opened its Jakarta 2 Annex Data Center (JKT2A) in Indonesia.

The 12MW facility, which is part of NTT’s Jakarta Campus. NTT said the facility uses advanced cooling technologies and will support hyperscale, enterprise, and high-density workloads.

Plans for JKT2A were announced in May 2024. The seven-story facility covers 5,800 sqm (62,430 sq ft), with rack densities of up to 40kW.

Alongside the opening, NTT also launched APN Connect, which it says is the first service in Indonesia to use All-Photonics Network technology. APN Connect will provide low-latency connectivity between JKT2A and JKT3. NTT said the service will allow for real-time data synchronization between facilities.

“The opening of JKT2A is an important milestone for our business in Indonesia and, more importantly, for the many clients we serve here,” said Yasuhiro Kajiki, managing director, Japan and APAC for NTT Global Data Centers. “By expanding our capacity and connecting the facilities through APN Connect, we are creating a more connected and resilient data center platform that gives our clients greater flexibility as their infrastructure needs evolve. We are proud to continue investing in Indonesia’s digital future.”

“Indonesia is one of the most dynamic digital economies in Southeast Asia, and it is creating significant demand for scalable, highly connected digital infrastructure,” said Doug Adams, president and CEO, NTT Global Data Centers. “The opening of JKT2A reflects our ongoing commitment to supporting clients’ cloud, AI and digital transformation initiatives with resilient, high-performance infrastructure. Together with APN Connect, JKT2A strengthens our ability to deliver the scale, connectivity and reliability organizations need to accelerate innovation and growth.”