Intel prices $20B upsized share sale at $95 to fund foundry

Intel priced an upsized common-stock offering at $95 a share, selling 210,526,315 shares to raise about $20 billion, according to Bloomberg. The company had opened the book Monday targeting $15 billion; investor orders reportedly topped $100 billion, giving underwriters cover to lift the deal by a third. Net proceeds work out to roughly $19.7 billion, the deal is set to close August 12, and underwriters hold a 30-day option on another 31,578,947 shares.

The money lands in Lip-Bu Tan's lap at a specific moment. Intel raised its 2026 capital-expenditure target to $20 billion from $18 billion in July, committed to high-volume 14A production in 2028, and recently announced a $5.77 billion Ireland manufacturing expansion. Reporting also names Tesla as a signed 14A customer and quotes President Trump saying Apple would make processors with Intel, though neither company has confirmed that. Intel stock is up around 164% in 2026, giving Tan the rare luxury of paying for capex in equity rather than debt.

This raise doesn't stand alone. It stacks on top of Intel's $15 billion filing from Monday and lands in a week where AI-infrastructure funding stories have arrived almost daily, including Lambda's $917 million leveraged loan to fund Nvidia chip leases. Investors are pricing a scenario where anyone plausibly on the supply side of AI compute can raise cheap capital, and Intel is exploiting the window while the offer is on the table.

The prospectus says only that proceeds go to general corporate purposes, capital expenditures, and working capital, so nothing here commits Intel to a specific new fab, tapeout, or customer contract. The Apple story remains a Trump quote with no confirmation from either party. If 14A slips past 2028 or Tesla stays the only marquee logo, a $20 billion equity round starts to look more like a bridge than a war chest. For now Tan has cash, capex headroom, and a stock the market wants more of, which is a very different starting point than the Intel of a year ago.