SK's Data Center Subsidiary in Talks for $350 Billion AI Infrastructure Financing
nashnova research
SK Group's data-center subsidiary SK Hyper is seeking partners to build 15 GW of capacity in South Korea by 2035, with first-phase funding alone reaching $350 billion — one of Asia's largest single AI infrastructure bets, and one whose viability hinges on locking in paying tenants.
What does $350 billion build?
SK Hyper targets 15 GW of data-center capacity in South Korea by 2035, at a total cost of $350 billion.
This means → the $350 billion figure covers just the first 5 GW phase, equipment included. More fundraising follows.
In plain terms = the money comes in stages. The company aims to close its first external round by late this year or early 2027, then raise additional capital over the next three to four years.
Who pays — and how much is SK's own share?
Costs will be split between data-center tenants and outside investors. SK Telecom itself plans to put in ₩750 billion (about $567 million) by 2030.
This means → SK Telecom's own commitment is a tiny fraction of the total. The vast majority must come from external sources.
CEO Chung Suk-geun said the company will "move in sync with market demand and manage risk prudently," rather than locking in the full plan at once — a direct response to concerns about AI data-center overbuilding.
Why South Korea?
SK Hyper was spun off from SK Telecom in July this year, positioned to attract global tech firms to use South Korea as an AI training hub serving Japan, Taiwan, and the broader Asian market.
Projects already under way include a 900 MW development in the southern industrial city of Ulsan and a 100 MW facility for Amazon Web Services, with additional government site talks ongoing.
SK Group's portfolio spans chips, energy, and telecom. Chung argues these synergies can offset South Korea's relatively high power costs by improving computing efficiency.
When does revenue start?
Chung said SK Hyper could begin generating revenue as early as next year — well ahead of the first data center's planned 2029 completion.
This means → the company intends to monetize bundled computing power and AI model services before the heavy construction is done. It is already exploring such offerings to Asian and Middle Eastern governments.
This reflects a deeper signal: with doubts lingering over AI infrastructure payback, whether the first funding round attracts firm commitments is the plan's earliest make-or-break test.
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