Investor demand surged to $100 billion, upsizing Intel’s offering and signaling confidence despite a 4% share dip.
Intel priced a $20 billion stock offering, marking the largest equity raise in the semiconductor industry’s history. The deal was upsized from an initial $15 billion after investors submitted over $100 billion in orders, reflecting strong demand despite a near 4% share decline on announcement day.
The final price settled at $95 per share, a 6.5% discount to the prior close, with net proceeds expected to reach $19.7 billion. Bank of America analysts noted the dilution would trim earnings per share by 4% to 5% in 2026 but framed the move as growth funding rather than balance sheet repair.
Shares had rallied 175% in 2026 before the offering, underscoring investor appetite for Intel’s expansion plans. JPMorgan, Goldman Sachs, Morgan Stanley, and Citigroup managed the transaction, which is set to close August 12.