Surging investor demand pushed the chipmaker to upsize the offering by a third.

Intel has raised $20bn in its first share sale since 1971, as the chipmaker moves to fund a major expansion into artificial intelligence manufacturing.

Priced at $95 per share on Monday, the deal was upsized by a third from an initial $15bn after drawing more than $100bn in demand, according to Bloomberg – a sign of how strongly investors continue to back companies in the AI supply chain.

The move is a shift in direction for a company that spent $82bn buying back its own stock in the 2010s. Under CEO Lip-Bu Tan, who has prioritised financial discipline since taking over, Intel’s shares are up by around 164pc in 2026 after a torrid few years.

Proceeds will fund Intel’s capital expenditure programme, which the company recently raised to $20bn for 2026, driven by surging demand for central processing units as AI agents proliferate.

Intel is also building out its contract manufacturing business, with the goal of competing with Taiwan’s TSMC, after securing Tesla as a customer for its 14A manufacturing process.

Last month, the company announced a €5bn investment to upgrade and expand its Leixlip campus in Kildare, Ireland and committed to keeping the country at the centre of its manufacturing network.

Since establishing a presence in Ireland in the late 1980s, Intel has invested more than €30bn into its operations here. The Leixlip campus serves as one of the company’s most advanced manufacturing facilities, according to Intel, which currently employs around 4,900 people in Ireland.

The share sale is part of a run of large equity raises linked to AI spending. Alphabet is raising up to $85bn across several instruments, while Oracle has a $20bn at-the-market sale underway. Intel’s offering was led by JPMorgan, Goldman Sachs, Morgan Stanley and Citigroup.

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