Key Highlights

  • Intel upsized its common stock offering to $20 billion from the previously announced $15 billion, pricing 210,526,315 shares at $95 per share.
  • The offering drew more than $100 billion in investor Demand , according to people familiar with the deal, prompting the roughly 33% increase in size from Monday's original announcement.
  • Intel expects the offering to generate approximately $19.7 billion in net proceeds, with the deal set to close August 12th.
  • Underwriters have a 30-day option to purchase up to 31,578,947 additional shares, and Intel shares were indicated higher in premarket trading following the pricing announcement.

Intel Upsizes and Prices $20 Billion Stock Offering

Intel ( Nasdaq :INTC) announced the pricing of its underwritten public stock offering at $95 per share for 210,526,315 shares, after upsizing the deal to $20 billion from the $15 billion originally announced Monday. The offering drew more than $100 billion in investor demand, according to people familiar with the matter, prompting Intel to expand the deal's size by roughly a third. The $95 per share price represents a discount of approximately 6.5% to Intel's closing price the previous Friday. Underwriters have been granted a 30-day option to purchase up to 31,578,947 additional shares at the offering price, less Underwriting discounts, which could push total proceeds higher if exercised.

Proceeds to Support AI-Driven Capital Expenditure Plans

Intel expects the offering to generate net proceeds of approximately $19.7 billion, after deducting underwriting discounts, commissions and estimated offering expenses, assuming underwriters do not exercise their option for additional shares. The offering is expected to close on August 12th, subject to customary closing conditions. Intel said net proceeds will be used for general corporate purposes, which may include capital expenditures and Working Capital , continuing the rationale outlined when the original $15 billion offering was announced, tied to strong customer demand for AI compute infrastructure. J.P. Morgan, Goldman Sachs, Morgan Stanley and Citigroup are serving as joint book-running managers, with a broader syndicate of additional banks, including Barclays, BofA Securities, Deutsche Bank Securities and Wells Fargo Securities, also participating as book-running managers.

Strong Demand Reflects Broader AI Infrastructure Investment Wave

The scale of investor demand for Intel's offering reflects a broader wave of capital flowing into AI infrastructure investment across the technology sector, with combined capital expenditures among major technology companies on track to reach $765 billion this year and $1.2 trillion in 2027. The upsized raise follows Intel's recent decision to increase its 2026 capital expenditure guidance to more than $20 billion, after the company posted its fastest Quarterly Revenue Growth in nearly 15 years. Intel shares have surged 175% in 2026 and roughly quintupled in value over the past year, benefiting from the broader AI infrastructure buildout and a US government Equity stake aimed at supporting domestic chip Manufacturing .