Intel announced a $15B underwritten public offering of common stock on Monday, tapping the equity market to fund a costly expansion as customers pour money into AI compute. The chipmaker said proceeds would go to general corporate purposes, including capital expenditures and working capital, while it maintains its investment-grade rating.
The company cited “unprecedented investment in AI compute” as the driver of strong, sustainable demand. It sees growth in physical AI, purpose-built silicon, advanced packaging, and external wafers, areas that require heavy factory spending as Intel rebuilds its foundry business.
J.P. Morgan Securities and Goldman Sachs are leading the offering. Intel’s shares have more than doubled over the past year as investors bet the turnaround is real, which lets the company raise at a favorable price while diluting existing holders less than it would have a year ago.
The raise is the latest sign of how the AI buildout is reshaping chip company balance sheets. Rivals have also leaned on equity markets to fund capacity, and Intel’s move suggests the foundry push will keep needing capital even after years of heavy losses. Analysts will watch whether the offering signals a permanent shift toward external funding for manufacturing ambitions or a one-off top-up ahead of a new product cycle.