Intel Expands Stock Offering to $20 Billion at $95 Per Share Amid Share Price Pullback
Key Takeaways
- •Intel priced its expanded public share offering at $95 per share and raised the planned size to $20 billion from $15 billion.
- •The company plans to sell 210.5 million shares, and underwriters can purchase up to 31.6 million additional shares under a 30-day option.
- •If the option is fully exercised, Intel’s outstanding share count would rise about 21% from Q2 2025 levels to roughly 529 million shares.
- •Intel’s stock climbed 576% from August through the end of June before falling 31% from its peak to about $97.
- •The company reported combined net losses of $33 billion across 2024 and 2025 and previously spent $94 billion on share buybacks between 2008 and 2021.
Intel has expanded its public stock offering to $20 billion, increasing from a previously reported $15 billion, as the chipmaker capitalizes on elevated share prices despite a recent pullback from June highs.
The offering, announced Tuesday morning, prices shares at $95 each. Intel will sell 210.5 million shares in the public offering, with a 30-day option granting underwriters the ability to purchase up to an additional 31.6 million shares, representing up to $3 billion more. The maximum total reaches 242.1 million shares.
If underwriters exercise their option in full, the share sale would increase Intel's outstanding share count by 21% from Q2 2025 levels, resulting in approximately 529 million shares outstanding — a significant dilution for existing stockholders.
Intel's stock surged 576% from August of last year through the end of June, reaching a peak of $142 amid a broader AI investment boom. The price has since declined 31% to approximately $97. The company reported combined net losses of $19 billion across 2024 and 2025, along with $14 billion in losses so far this year, bringing total net losses to $33 billion over the period.
The capital raise marks a stark reversal for Intel, which spent $94 billion on share buybacks between 2008 and 2021. During that period, buybacks reduced the outstanding share count through Q1 2021. Following the cessation of buybacks, the share count began rising due to stock-based compensation and stock-funded acquisitions that were no longer offset by repurchases.
In 2025, Intel's share count increased further after the company sold a 10% stake to the U.S. government at substantially lower prices than current levels.
The stock offering comes as several major technology companies have shifted from share repurchases to share issuance at elevated valuations. For Intel, the move adds fresh capital while the company continues to report substantial operating losses, making balance-sheet flexibility a central issue as investors watch how the capital raise fits alongside its broader turnaround efforts.
The company has not commented beyond the pricing announcement.