NAVER Corporation: Adding Cloud AI Infrastructure business

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NAVER Corporation: Adding Cloud AI Infrastructure business

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NAVER Corporation

Adding Cloud AI Infrastructure business

Reiterate Rating: BUY | PO: 300,000 KRW | Price: 252,000 KRW

Partnership with Nvidia Corp 08 June 2026

NAVER disclosed that it would partner with Nvidia Corp to expand in the Cloud AI Equity

infrastructure business. NAVER plans to take part in the Nemotron Alliance, NVIDIA’s AI

model development coalition. NAVER has accumulated extensive data and expertise in Ahyung Cho >> Research Analyst

search and Agentic AI, and through joint R&D, the two companies could collaborate in AI Merrill Lynch (Seoul)

model, Cloud, and robotics. Sovereign AI would be another important driver that could +82ahyung.cho@bofa.com2 3707 0527

expand the AI industry. Given the Korean government’s support and NAVER’s expertise in

LLM, NAVER could play an important role.

Expanding to up to 1GW capacity Stock Data

The company believes that AI compute demand could meaningfully expand in Asia. It Price 252,000 KRW

plans to start off with 100MW by 2027-end (55MW by mid-2027) and an additional Price Objective 300,000 KRW

100MW by 2028-end. The company anticipates US$1bn equity investment for the initial Date Established 30-Apr-2026

200MW that will be leased. The company commented that it is in talks to secure demand Investment Opinion B-1-7

for the initial 200MW capacity. Over the next 5-6 years, the company aims to increase 52-Week Range 190,800 KRW-307,000

accumulated capacity up to 1GW: 200~300MW utilizing its existing Gak Sejong data KRW

center, 200MW through additional lease, and finally through a greenfield project to Mrkt Val / Shares Out (mn) 25,653 USD / 156.9

accommodate 300MW.