What happened
Naver announced the signed agreement on October 27. Brookfield would establish a vehicle to invest up to $9 billion in GPUs and data centers and supply computing to Naver Cloud. Naver agreed to guarantee Naver Cloud’s usage-fee obligations for up to eight years; the guarantee itself would create no cash outflow or cost burden for Naver. Brookfield would contribute 100% of the vehicle’s capital, while Naver expected it to become a Naver subsidiary because Naver would have control under Korean International Financial Reporting Standards (K-IFRS). [1]
The agreement cleared a precondition for NVIDIA’s equity investment, whose allotment process remained to be completed. Naver planned 55 megawatts of operation in the first half of 2027 and 200 megawatts in 2028; these were future capacity targets. [1]