SK Telecom AI Unit Plans $350 Billion Funding for 15GW Data Center Buildout

On October 23, Seok-geun Jeong, head of SK Telecom's AI CIC and CEO of SK Hyper, said the company is in talks with large technology firms and financial investors to raise funds for building 15 gigawatts of data center capacity in South Korea by 2035. The first phase, 5 gigawatts, would require about $350 billion including equipment costs, with the first external funding round expected to launch by end of 2026 or early 2027.

Jeong said the company would adjust investment pace based on market demand, and expects to begin generating revenue as early as 2027. The first data centers are planned to be completed by 2029. SK Telecom is a major South Korean telecommunications operator.