Naver, the South Korean tech conglomerate, plans to more than triple the capacity of its Gak Sejong data center through a partnership with Nvidia, adding 55 megawatts of capacity targeting 2027. The company is seeking over 10 trillion won (approximately $6.8 billion) in external financing for its AI ambitions, including discussions with investment firm Brookfield and a 400 billion won government-backed loan approved in April 2026. This expansion is part of a broader strategy to build sovereign AI infrastructure to reduce South Korea’s dependence on foreign cloud providers. Separately, Naver agreed to acquire Dunamu, the operator of Upbit, South Korea’s dominant crypto exchange, in an all-stock deal valued at $10.3 billion. This dual strategy positions Naver as the infrastructure backbone for South Korea’s AI ambitions while providing direct exposure to crypto trading volumes.
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