Intel plans to raise $15B by selling shares of common stock

Intel is preparing to sell $15 billion worth of common stock, a move that would rank among the largest equity raises in semiconductor history. The offering comes at a time when the company has already absorbed billions in strategic investments and is pouring capital into chip fabrication and artificial intelligence.

A company flush with ambition and capital needs

Intel’s 2026 capital expenditure guidance has been raised to north of $20 billion, a figure that reflects the sheer expense of building cutting-edge chip fabrication facilities.

The US government took a 9.9% stake in 2025, purchasing 433.3 million shares at $20.47 each in a deal worth $8.9 billion. That investment came through the CHIPS Act, Washington’s bet that domestic semiconductor manufacturing is a matter of national security, not just corporate strategy.

Nvidia and SoftBank also joined the party in 2025, contributing $5 billion and $2 billion respectively. Nvidia’s investment was structured as a private placement.

The stock’s wild ride

Intel shares have been trading above $100 as of mid-2026, pushing Intel’s market capitalization past $500 billion.

Intel reported Q2 2026 revenue of $16.13 billion, a 25.4% jump compared to the same period a year earlier.

A $15 billion stock sale will dilute existing shareholders. At current prices above $100 per share, that translates to roughly 150 million new shares entering the market. For context, the US government’s $8.9 billion investment at $20.47 per share created over 430 million new shares.

What Intel is building toward

The capital expenditure target above $20 billion for 2026 alone signals that Intel is playing a very long game. Advanced chip fabrication facilities can cost $20 billion or more individually and take years to bring online. Intel is building or expanding facilities across the US and internationally as part of its strategy to become a leading contract manufacturer for other chip designers.

The CHIPS Act funding from the US government was a signal that Washington views Intel’s manufacturing capacity as strategically important at a national level, particularly as geopolitical tensions continue to spotlight the concentration of advanced chip production in Taiwan.

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