KB Kookmin Bank has finalized a 10.7 trillion won ($8 billion) syndicated loan for a Brookfield-backed AI computing initiative, establishing South Korea’s first GPU-focused financing deal and its largest loan of this kind. The capital will fund a 13 trillion won infrastructure program supplying Naver Cloud with AI computing resources.
The venture involves a special-purpose entity, provisionally named Asset Co., which will purchase GPUs and other AI hardware. Under a long-term contract, Asset Co. will lease computing capacity to Naver Cloud, Naver’s cloud subsidiary. KB Kookmin will lead the financing effort, handling loan structuring and negotiations, though it has not revealed the full lender consortium or specific terms.
Earlier reports had indicated potential involvement from Korea Development Bank, Shinhan, Woori, and Hana banks, as well as NH Investment & Securities, though their final participation remains confidential. The loan follows Naver’s prior $10 billion AI expansion, announced in July with Brookfield and Nvidia as partners. Brookfield pledged up to $9 billion in infrastructure funding, while Nvidia committed $1 billion to Naver’s AI operations.
Naver’s July filing detailed capacity targets for the AI facility, projecting 55 megawatts by mid-2027, 100 megawatts by year-end, and 200 megawatts by 2028. The project will center on GAK Sejong, Naver’s hyperscale data center, designed to accommodate approximately 100,000 Nvidia GPUs. Asset Co. will own the infrastructure, while Naver Cloud will manage operations and market computing services to clients.
Naver Cloud’s payment obligations under the agreement are secured by a nominal guarantee from Naver, capped at 18.74 trillion won—assuming full utilization of the $9 billion investment ceiling. This guarantee does not apply to the syndicated loan itself. Lenders will evaluate long-term revenue from service fees, though GPU resale value remains uncertain. The structure ensures a steady income stream for the infrastructure business.
By arranging this financing, we have opened up a new area of finance with South Korea‘s first GPU financing,” a KB Kookmin official said. “We will continue to expand financial support for future growth industries and contribute to strengthening the competitiveness of domestic industries.”
Once completed, the investment would make Nvidia Naver’s third-largest shareholder.
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