Accelerating the AIDC roadmap Quick Note

研报英文原文证据摘录

Accelerating the AIDC roadmap Quick Note

Global Markets Research

SK Telecom 017670.KS 017670 KS 17 June 2026

EQUITY: TELECOMS

RatingAccelerating the AIDC roadmap Remains Neutral

Target price KRW 89,000 RemainsQuick Note

Closing priceFollowingourJune2026USNDRforSKTelecom,investordiscussionsfocusedheavily 16 June 2026 KRW 100,100

onthecompany’saggressiveexpansionintotheAIDataCenter(AIDC)market.Below

arethethreeprimarystrategicpillarsandtakeawaysfromthemeetings.

Research Analysts

Rapid scaling of AIDC capacity and immediate monetization South Korea Telecoms

SKT plans to execute its clearly outlined roadmap to aggressively scale its data center Angela Hong - NFIK

capacity and capture AI demand: angela.hong@nomura.com

+822 3783 2360

• Capacity expansion: SKT plans to expand its data center capacity to 300MW+ by

2030E. This includes a network of existing data centers (such as Gasan, Pangyo, and

Yangju), alongside the construction of another AIDC in Seoul (planned for completion

by 2029-30E).

• Financial performance: AIDC revenue grew by 35% in 2025, with strong growth

projected to continue at high 20% to 30% levels in 2026F.

The GW-level “AI Factory” initiative with NVIDIA

To address massive-scale infrastructure needs, SKT is partnering with NVIDIA (NVDA US,

Not rated) to build a mega-scale AI Factory, though funding remains a key point of

evaluation for the market.

• Scale and ramp-up schedule: The project aims for a massive GW-level physical AI

and robotics anchor hub for Asia. SKT plans to ramp up the first capacity immediately

in 2027E. SKT responded to investors’ question on AIDC demand and said it would

consider various strategic options with global big tech companies.

• Capex: Capex required to build 1GW capacity in the US is roughly USD50bn per GW