SK Hyper Seeks Funding for $350 Billion AI Data Center Buildout Targeting 15GW by 2035

SK Hyper, the data center unit of South Korea's SK Telecom, is in talks with major technology companies and financial investors to raise capital for a $350 billion artificial intelligence infrastructure project, CEO Chung Suk-geun said. The first-phase buildout of 5GW capacity alone requires $350 billion in equipment and related spending. SK Hyper aims to complete its first external fundraising round by late 2026 or early 2027, with additional rounds planned over the following three to four years. The company targets 15GW of data center capacity in South Korea by 2035. SK Hyper was established in July as an SK Telecom subsidiary and plans to serve global technology companies' AI operations across Asia. SK Telecom intends to invest 750 billion won in the unit through 2030. Addressing investor concerns over whether demand can support global computing infrastructure spending, Chung said SK Hyper will share construction costs with tenants and external investors and scale investment to actual demand rather than committing to the full project upfront.