Intel raised $20 billion from an upsized share offering on 11 August, priced at $95 per share — a 2.6% discount to the previous close — to help fund the buildout of its chip contract-manufacturing business, Reuters reported. Intel had aimed to raise $15 billion; Bloomberg first reported the upsize. JPMorgan Securities, Goldman Sachs, Morgan Stanley and Citigroup Global Markets acted as joint book-runners.
Intel’s stock had nearly tripled year-to-date and outperformed AMD and Nvidia; the Philadelphia Semiconductor Index had risen nearly 75%. Intel raised its 2026 capex forecast from $18 billion to $20 billion in July and has committed to high-volume production on its 14A process in 2028. The foundry unit has won Tesla as a 14A customer; US President Donald Trump said Apple would make processors with Intel, though neither company confirmed it. Intel also announced a €5 billion Ireland investment last month.
Russ Mould, investment director at AJ Bell, told Reuters: “As a capital-intensive business that went a long way to wrecking its own balance sheet and prospects by focusing on financial engineering rather than physical engineering, courtesy of $82 billion of share buybacks in the 2010s, it makes perfect sense for Intel to raise money.”
