KB Kookmin to lead $8bn GPU-backed loan for Naver's AI factory
KB Kookmin Bank will lead a 10.7 trillion won ($8 billion) syndicated loan for a Brookfield-backed AI computing project supplying Naver Cloud, a deal the bank called South Korea's first GPU financing and the country's largest syndicated loan arrangement.
The borrowing sits inside a project valued at about 13 trillion won. Brookfield, the Canadian alternative asset manager, will set up a special purpose company tentatively named Asset Co. to buy GPUs and other AI computing assets and supply capacity to Naver Cloud under a long-term agreement. KB Kookmin said it will structure the loan and negotiate its key terms, and that other domestic banks and securities firms are participating, without disclosing the lender group or terms.
Earlier media reports said Korea Development Bank, Shinhan, Woori and Hana banks and NH Investment & Securities had considered joining; their final commitments have not been disclosed. The financing traces back to July, when Naver, Nvidia and Brookfield announced a $10 billion AI factory plan, with Brookfield agreeing to provide up to $9 billion and Nvidia planning a $1 billion strategic investment in Naver. Naver signed the $9 billion infrastructure agreement with Brookfield on Tuesday, a prerequisite for Nvidia's investment, which on completion would make Nvidia Naver's third-largest shareholder.
Naver's Tuesday filing set capacity targets of 55 megawatts in the first half of 2027, 100 megawatts by year-end and 200 megawatts in 2028, centred on GAK Sejong, its hyperscale data centre. The expanded facility is expected to house about 100,000 Nvidia GPUs. Asset Co. will own the chips and infrastructure, while Naver Cloud operates the factory and sells computing services, with usage fees linked to revenue from the AI factory business to ease the upfront burden.
Naver also guaranteed Naver Cloud's payment obligations under the project contracts, with the nominal guarantee capped at 18.74 trillion won assuming full use of the $9 billion investment limit; the guarantee does not cover the syndicated loan. Lenders are expected to weigh long-term service fees and Naver Cloud's ability to pay, given how hard GPU resale values are to predict, according to earlier media reports. "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, adding the bank would keep expanding support for growth industries.
