Nvidia Becomes Naver's No. 3 Holder for $1B

Nvidia has paid in full for a roughly 4.13% stake in Naver, making the U.S. chipmaker the South Korean internet company's third-largest shareholder, Naver said in a regulatory filing on Nov. 6. The 1.34 trillion won ($1 billion) payment closes the equity half of a $10 billion plan to build an AI factory in Sejong, South Korea, Korean outlets MoneyToday and CBS NoCut News reported from the filing.

Key takeaways

• Nvidia paid 1,341,199,957,500 won for 6,558,435 new Naver shares at 204,500 won each.
• A stronger won cut the stake to about 4.13% from the 4.54% expected in July, while the dollar amount stayed at $1 billion.
• Naver plans to bring 55 megawatts online in the first half of 2027 and reach 200 megawatts in 2028.

Nvidia Naver stake: the final numbers

Naver's July filing called for 7,241,564 new shares, with payment due Oct. 30, The Korea Herald reported. Final terms disclosed Nov. 3 applied an exchange rate of 1,341.2 won to the dollar instead of 1,480.9 won, according to Korean outlet Saturday Economy. That removed 683,129 shares from the deal and about 139.7 billion won from its won value.

Nvidia ranks behind the National Pension Service, at 9.49% as of August, and BlackRock, at 7.09%, iNews24 reported. Founder and Chairman Lee Hae-jin's stake was projected to slip from 4.03% to about 3.8%.

Saturday Economy said the new shares carry a one-year resale restriction and are due to be listed Nov. 27. Naver stock showed 190,200 won on MoneyToday's quote when checked Nov. 8, about 7% below Nvidia's purchase price.

Why the Nvidia deal hinged on Brookfield

Nvidia's investment depended on Naver first securing outside financing. Naver said on Oct. 27 that a $9 billion agreement with Brookfield met that precondition.

Under the structure, a Brookfield special purpose vehicle, tentatively named Asset Co., will invest up to $9 billion in GPUs and data centers and sell computing power to Naver Cloud. Usage fees are tied to business revenue, and Naver will guarantee Naver Cloud's payments for up to eight years. Although Brookfield will fund all of the vehicle's capital, Naver expects to consolidate it as a subsidiary under Korean accounting rules.

GAK Sejong AI factory: capacity and chips

The joint announcement of July 24 said the 200-megawatt site at Naver's GAK Sejong data center will use Nvidia's Vera Rubin and Blackwell platforms. Naver's Korean-language version put the build at about 100,000 GPUs. The longer-term goal is 1 gigawatt.

Context: AI costs are already hitting Naver's margins

Analysts polled by FnGuide expected Naver's third-quarter revenue to rise 12.0% to 3.5143 trillion won and operating profit to fall 12.8% to 497.6 billion won, MoneyToday reported Nov. 4. The Korea Times reported that Kyobo Securities projects depreciation rising from 824 billion won this year to 1.041 trillion won in 2028.

Naver has lengthened the estimated useful life of its computing assets from five years to six, which the Korea Times said defers about 100 billion won a year. Chipmakers have also been betting on AI data center demand elsewhere in the supply chain.

What's next

The first test is whether the 55-megawatt phase starts on schedule and finds buyers. As of the July announcement, Naver had not named any AI factory customers, The Korea Herald reported.

FAQ

How much of Naver does Nvidia own?
About 4.13%, through 6,558,435 new shares, making it the third-largest shareholder.

Why did the stake shrink from 4.54%?
Nvidia's investment was fixed at $1 billion, and a stronger won reduced the won proceeds and the number of shares issued at the fixed price.

Is Naver receiving $10 billion in cash?
No. Only Nvidia's $1 billion is equity paid to Naver. Brookfield's up to $9 billion goes through a separate vehicle that buys infrastructure and sells computing power to Naver Cloud.

References

• NAVER Signs Agreement with Brookfield to Secure Computing Infrastructure, Meeting Precondition for NVIDIA's Strategic Equity Investment — Naver (Oct. 27, 2026)
• NAVER Partners with Brookfield and NVIDIA to Expand Korea's National AI Factory Infrastructure Buildout — Naver (July 25, 2026)
• NAVER, NVIDIA and Brookfield to Expand Korea's National AI Factory Infrastructure Buildout — Nvidia Investor Relations (July 2026)