Key points
- Intel (INTC) filed to sell $15 billion of common stock on August 10, with a $2.25 billion underwriter option on top.
- Near $97 a share that is about 155 million new shares, close to 3% of the 5.04 billion outstanding.
- The US government paid $20.47 a share last August. Nvidia (NVDA) paid $23.28 in December.
Intel (INTC) filed to sell $15 billion of common stock before the open on Monday, August 10, 2026. The underwriters get 30 days to buy $2.25 billion more on top, and if they take all of it the deal comes to $17.25 billion.
The price isn't set yet. The prospectus went out marked subject to completion, with blank spaces where the offering price and the share count belong. Intel filed an automatic shelf registration the same morning. INTC traded at $97.00 in the pre-market session against Friday's close of $101.65.
Intel said the money is for "general corporate purposes," which the prospectus says may include capital expenditures and working capital, though it doesn't limit them to that. Behind the raise the company named four growth areas: physical AI, purpose-built silicon, advanced packaging and external wafers. J.P. Morgan, Goldman Sachs, Morgan Stanley and Citigroup are running the books.
What the earlier buyers paid
Intel has sold big blocks of stock three times since August 2025, all of it outside the public market.
| Buyer | Price | Amount |
|---|---|---|
| US government, Aug 2025 | $20.47 | $8.9B |
| SoftBank, Sept 2025 | $23.00 | $2.0B |
| Nvidia (NVDA), Dec 2025 | $23.28 | $5.0B |
| Public offering, Aug 2026 | Not yet set | $15.0B |
Those three sales came to about 735 million shares for close to $15.9 billion. This offering raises the same money on a fifth as many shares, near 155 million at Monday's pre-market price.
The government bought 433.3 million shares at $20.47 in August 2025, funded by $5.7 billion of remaining CHIPS Act grants and $3.2 billion awarded under the Secure Enclave program. That stake cost $8.87 billion. At $97.00 a share it was worth $42.0 billion on Monday morning.
Nvidia bought about 214.8 million shares at $23.28 and closed in December 2025, which gave it about 4% of Intel. SoftBank came earlier, at 86,956,522 shares for $23.00 apiece in September 2025. In the quarter it reported on August 6, SoftBank booked a 1.3 trillion yen gain on the position, about $8.2 billion.
How much this dilutes
Intel had 5.043 billion shares issued and outstanding as of June 27, 2026, according to the capitalization table in Monday's prospectus. About 155 million new shares would be near 3% of that. If the underwriters take the full option it's closer to 3.5%.
The prospectus states the risk directly. Future issuances "could be dilutive to holders of our common stock, including purchasers of our common stock in this offering, and could adversely affect their voting and other rights and economic interests." A separate risk factor covers what the money does. "Our management will have considerable discretion in the application of net proceeds from this offering, and you will not have the opportunity, as part of your investment decision, to assess whether the proceeds are being used in ways with which you would agree."
The balance sheet Intel is raising against
The same table shows $12.874 billion of cash and cash equivalents and $16.853 billion of short-term investments as of June 27, a combined $29.727 billion. Long-term debt including current maturities was $50.537 billion, and total stockholders' equity was $103.143 billion.
Intel reported its second quarter on July 23, when revenue grew 25% and a CHIPS Act accounting charge turned the quarter into an $11 billion GAAP loss. The stock fell to $81.88 by July 29, then closed at $101.65 on August 7, a gain of 24% in seven sessions. It traded as low as $19.61 on August 8 last year and as high as $142.35 on June 30 this year.
External wafers is Intel's foundry business, where it makes chips for outside designers. Last week a fund put $500 million behind a challenge to ASML's lithography monopoly.
Offerings like this usually price after the close on the day they're filed. Intel hasn't said when it expects to price, and the prospectus leaves the settlement date blank.
Sources
- Intel Form 424B5 preliminary prospectus supplement filed August 10, 2026 (Registration No. 333-298165): offering size, underwriter option, use of proceeds, risk factors, and the June 27, 2026 capitalization table
- Intel press release, "Intel Announces Proposed $15 Billion Common Stock Offering," August 10, 2026
- Intel and Trump administration agreement, August 22, 2025: 433.3 million shares at $20.47, funded by $5.7 billion in CHIPS Act grants and $3.2 billion from Secure Enclave
- Intel second-quarter results for the period ended June 27, 2026, as reported to the SEC: revenue of $16.128 billion against $12.859 billion a year earlier, and a net loss of $11.033 billion
- INTC pre-market quote of $97.00 and the August 7, 2026 close of $101.65
