The chipmaker’s stock sale, including a $2.25 billion greenshoe option, marks a 3% dilution amid rising capex needs.
Intel announced a $15 billion secondary stock offering, with underwriters holding an option for an additional $2.25 billion. The move dilutes shareholders by roughly 3% at current levels, reflecting a shift toward equity financing as debt markets tighten. The company closed Friday at $101.65, valuing it at approximately $562 billion.
The offering follows a 170% surge in Intel’s stock in 2026 and a 25% revenue increase to $16.13 billion. The U.S. government, which acquired a 9.9% stake in 2025 at $20.47 per share, now sees its position valued at five times the entry price. Intel’s 2026 capex guidance already exceeds $20 billion, with management signaling higher 2027 spending.
The deal underscores Intel’s push to fund domestic chipmaking expansion amid rising customer commitments. Earlier this year, Google’s surprise stock issuance raised concerns about broader equity financing trends among large-cap firms.