Intel’s comeback story now has a price tag. The chipmaker announced a $15B stock offering to fund its AI expansion, including physical AI, custom silicon, and advanced packaging. The raise comes after data center revenue jumped 59% last quarter, giving Intel more reason to spend aggressively on the business.
- Intel's fundraising leverage is hard-won — the company previously destroyed $82B in value through buybacks in the 2010s, per AJ Bell's investment director.
- Underwriters hold a 30-day option to buy an additional $2.25B in shares, bringing the potential total raise to ~$17.25B.
Work in progress: Intel raised its 2026 capex guidance from $18B to $20B in July, with CFO David Zinsner flagging another meaningful increase in 2027. The spending comes as Goldman Sachs expects industry-wide AI capex to hit $765B this year, giving Intel a massive pool of demand to chase. Tesla is already signed on for its 14A process, giving Intel an early customer as it works to rebuild its foundry business.
