Intel has increased its fundraising target to $20 billion, bolstering its capital allocation for the foundry business.

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2026-08-13

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According to an official announcement from Intel and Reuters, on August 11 local time, Intel formally finalized its plan to issue additional common shares, increasing the initial fundraising target from $15 billion to $20 billion. This marks the company’s largest single equity‑raising transaction since its IPO in 1971.

The new share offering was priced at $95 per share, representing a 2.6% discount to the previous trading day’s closing price. A total of 210.5 million common shares were issued, with settlement scheduled for August 12. The underwriters have been granted a 30-day overallotment option, allowing them to purchase up to an additional 31.57 million shares. JPMorgan Chase, Goldman Sachs, Morgan Stanley, and Citigroup are serving as joint book-running managers for this offering.

The upward revision of this fundraising target stems from exceptionally strong investor demand in the capital markets. Following the announcement of the secondary offering, subscription commitments exceeded $100 billion, with a subscription multiple surpassing six times. This robust interest prompted Intel to adjust its financing plan overnight and raise the maximum fundraising cap. Benefiting from the tailwinds of the AI computing sector, Intel’s stock price has nearly tripled year-to-date, outpacing both the broader market and other semiconductor giants, thereby creating an opportune window for a large-scale equity raise.

Intel disclosed that the funds raised will be primarily allocated to expanding its foundry business, building AI‑chip production capacity, advancing R&D in advanced packaging technologies, and replenishing working capital, while also maintaining the company’s investment‑grade credit rating. Earlier, during its second‑quarter earnings call, Intel had already raised its full‑year 2026 capital‑expenditure guidance to over $20 billion, with plans to upgrade its Fab 34 wafer fab in Ireland, construct new cleanrooms in the United States, introduce High‑NA EUV lithography equipment, and invest in the development of its 14A advanced process technology all on the agenda.

At this stage, Intel has taken the lead in ramping up mass production of High‑NA EUV lithography tools on its 18A process node, which is being used for the lithography steps in the Panther Lake series of processors. Meanwhile, its next‑generation 14A process is poised to drive Intel’s ambitions to compete in the high‑end logic‑chip foundry market. Under its IDM 2.0 strategy, Intel is simultaneously expanding capacity for its proprietary Xeon server chips and Gaudi accelerators, while also opening its foundry services to external customers and fulfilling custom chip orders from Tesla and numerous AI startups.

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With a total investment of RMB 290 million, the main structure of Xinqing Optoelectronics’ Tianjin industrial base has been topped out.

NVIDIA’s orders are putting pressure on TSMC’s CoWoS capacity, with the core CoW process being shifted to external packaging and testing firms.

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