Intel Upsizes Its First-Ever Public Share Sale to $20B at $95 a Share After AI Demand Blows Past the Original $15B Ask

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Intel announced a proposed $15 billion underwritten common stock offering on August 10 — its first public share sale since listing in 1971 — then upsized it the same day to $20 billion priced at $95 per share as demand came in. The company framed the raise around "unprecedented investment in AI compute," naming physical AI, purpose-built silicon, advanced packaging and external wafers as the growth vectors; the base deal alone equaled roughly 75% of Intel's projected $20B 2026 capex at about 3% dilution. Shares fell 4-5% on the news after nearly tripling year-to-date, which is the market pricing dilution against a foundry that suddenly has customers.