NVIDIA will participate in Naver’s third-party paid-in capital increase and pay KRW 1,341.2 billion for the subscription of new shares, becoming the third-largest shareholder after the National Pension Service and BlackRock.

The final number of shares to be issued is 6,558,435, with an issue price of KRW 204,500 per share. The provisional figure disclosed in July was 7,241,564 shares, or about KRW 1,480.9 billion. This amount applied an exchange rate of KRW 1,480.9 per US$1 to the investment of US$1 billion. At that time, NVIDIA attached a condition that, separate from the investment funds, Naver must secure a minimum of US$9 billion in computing infrastructure needed to expand its AI factory business. Naver met this condition by entering into related agreements with Brookfield.

However, as the exchange rate declined from the provisional level, the number of shares decreased, and accordingly NVIDIA’s stake also fell from the initially expected approximately 4.54% to 4.13%. The final applied exchange rate is about KRW 1,341.20 per US$1.

The new shares acquired by NVIDIA will be registered as restricted shares with the Korea Securities Depository, and withdrawals and sales will be limited for one year. The scheduled listing date for the new shares is the 27th of this month.

Naver will invest the funds raised this time in its new AI factory business. The first business hub will be the Sejong data center “Gak Sejong,” where the company plans to expand related infrastructure to a capacity of 200 megawatts (MW) by 2028 and begin generating revenue from 2027. It then plans to expand its business areas to Europe, the Middle East, and other regions.

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