South Korea’s data center investment through 2035 is estimated at approximately 1,200 trillion won ($923.07 billion), prompting S&P Global Ratings to warn that participating companies face sharply higher capital burdens and potential credit rating downgrades. In its report, "Korean Data Centers: Aggressive Expansion Will Increase Corporate Capital Burden," the agency described South Korea’s plans as the most aggressive in the Asia-Pacific region. About 1,800 trillion to 2,000 trillion won ($1.3 trillion to $1.4 trillion) is expected to be invested in semiconductors and data centers over the next decade, with data centers accounting for roughly 1,200 trillion won. If the plans proceed successfully, South Korea is projected to overtake India by 2035 and become Asia-Pacific’s second-largest market by leasable IT load capacity, behind China. The country plans to add about 1.9GW annually through 2035, with SK Telecom, KT, GS Group and Naver involved. S&P estimates that a 1GW data center could cost as much as 70 trillion won, compared with the four companies’ combined 17.9 trillion won in cash and 14.7 trillion won in operating cash flow as of 2025. SK Telecom accounts for 15GW of the planned 18.4GW expansion and could require up to 1,000 trillion won, while its 2025 capital expenditure was 2.3 trillion won. Naver is targeting 1GW by 2030, has received a $1 billion investment from Nvidia and is discussing a $9 billion project investment with Brookfield Asset Management. KT’s announced 5 trillion won investment is considered manageable through internal resources. External partnerships, project financing, asset securitization, structured finance and leasing models could reduce the burden, but credit outcomes will depend on financing structures, external capital raising and computing demand. Power procurement, grid stability and water scarcity remain key construction bottlenecks.