Naver Secures 2 Trillion Won Computing Power Contract, First AI Factory Order Finalized

On November 12 that, according to The Korea Times, Naver has signed a computing power supply agreement worth 2 trillion Korean won (approximately $15 billion) with a U.S.-based artificial intelligence inference company, securing its first customer for its AI factory business. Naver CEO Choi Soo-hyun stated on the third-quarter earnings call that this contract confirms genuine market demand and validates the initial commercial viability of the AI factory business.

The agreement covers computing power services utilizing next-generation GPUs, with initial deliveries scheduled for 2027. Commercial operations are expected to launch in the first half of next year, with revenue to be recognized incrementally. The initiative is being advanced by Naver in collaboration with Canadian asset management firm Atheon and NVIDIA, with capacity planned to expand from 55 megawatts next year to 200 megawatts by 2028. Naver stated that contracted data center capacity already exceeds its initial 200-megawatt target for 2028; this first order accounts for 20 megawatts, with over ten other companies currently negotiating follow-up contracts.

Financial results released on the same day showed Naver's third-quarter revenue at 3.47 trillion Korean won, up 10.7% year over year, marking a record for the sixth consecutive quarter. Operating profit stood at 451.3 billion Korean won, down 20.9% year over year, with an operating margin of 13%. By segment, platform revenue reached 1.95 trillion Korean won (+7.3%), financial platforms generated 487.7 billion Korean won (+14.1%), and global businesses contributed 1.04 trillion Korean won (+15.9%). Naver also plans to launch personal AI agent applications before year-end, establish a dedicated logistics subsidiary, and invest nearly 1 trillion Korean won by 2030.