Nvidia 将成 Naver 第三大股东，持股约 4.5%
Nvidia to Become Naver’s Third-Largest Shareholder, Overtaking Founder
Nvidia 通过第三方配股认购 Naver 新发行的 7,241,564 股，发行价每股 204,500 韩元，预计持股约 4.5%，成为 Naver 第三大股东，Naver 董事长李海珍持股由 4% 降至 3.8%。这一投资源于 Naver、Nvidia 与 Brookfield 的三方合作，三方计划以 Naver 超大规模数据中心 GAK Sejong 为核心建设基于 Nvidia DSX 的 AI 工厂，容量从 55MW 起步，扩展至 200MW 并最终达到 1GW。Naver 另与 Brookfield 签署协议，获得约 13.3 万亿韩元的计算基础设施，由 Brookfield 通过 SPC 建设 GPU 与数据中心，Naver Cloud 使用相关设施。
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Nvidia is set to become Naver’s third-largest shareholder through a capital increase next month, pushing Naver Chairman Lee Hae-jin down one position to fourth place.
According to a regulatory filing with South Korea’s Financial Supervisory Service on Oct. 30, Naver revised the payment date for its third-party share issuance to Nvidia to Nov. 6. The listing date for the new shares was also adjusted to Nov. 27. Naver disclosed an issue price of 204,500 won per share, with Nvidia tentatively set to acquire 7,241,564 new shares.
As a result, Nvidia is expected to secure a stake of approximately 4.5%. Chairman Lee Hae-jin’s ownership will decline from 4% to 3.8%. The National Pension Service and BlackRock will see their stakes diluted to 9% and 6.9%, respectively, but will retain their positions as the largest and second-largest shareholders.
Projected changes in Naver’s shareholding structure following Nvidia’s participation in the capital increase. (Source: Regulatory filings; Image: Generative AI)
The changes stem from a three-way partnership between Naver, Nvidia and Brookfield announced in San Francisco in July. The companies unveiled plans to build Nvidia DSX-based artificial intelligence (AI) factory infrastructure centered on Naver’s hyperscale data center, GAK Sejong. They also outlined plans to start with 55 megawatts (MW) of capacity, expand to 200 MW and eventually reach 1 gigawatt (GW). This partnership is the reason behind Nvidia’s investment in Naver.
However, financing the entire AI factory investment would place a substantial burden on Naver alone. The company therefore brought in global alternative asset manager Brookfield. On Oct. 27, Naver signed an agreement with Brookfield to secure approximately 13.3 trillion won worth of computing infrastructure. Under the arrangement, Brookfield will establish AI infrastructure, including graphics processing units (GPUs) and data centers, through a special purpose company (SPC), while Naver Cloud will use the facilities. Naver said the structure would reduce its initial capital investment burden while allowing it to rapidly expand its AI factory business.
Under the partnership, Brookfield will provide infrastructure financing, Nvidia will contribute technology and strategic equity investment, and Naver and Naver Cloud will handle AI factory operations and services.
Naver will finalize the number of shares to be issued and the total proceeds based on the exchange rate on Nov. 3. Payment is scheduled for Nov. 6. Nvidia is expected to become Naver’s third-largest shareholder when the new shares are listed on Nov. 27.