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.
