Signal Intel Announces Upsize and Pricing of $20 Billion Common Stock Offering

Summary

Intel priced an underwritten public offering of 210,526,315 shares of common stock at $95 per share, upsizing the deal from an initially announced $15 billion to $20 billion. The offering, with an additional 30-day underwriter option for 31,578,947 more shares, was expected to close on August 12, 2026, generating net proceeds of roughly $19.7 billion for general corporate purposes including capital expenditures. J.P. Morgan, Goldman Sachs, Morgan Stanley and Citigroup served as joint book-running managers, and institutional demand reportedly reached about five times the deal size. The capital raise follows strong quarterly results, with Data Center and AI revenue up 59% to $6.3 billion and Intel Foundry revenue up 31% to $5.8 billion. Intel also raised its 2026 capital expenditure guidance from $18 billion to more than $20 billion. Intel shares initially fell about 4% on dilution concerns when the $15 billion offering was first announced, before rebounding on the surge in institutional orders.