Intel raises $15B via CHIPS Act, equity sales; divests Altera; warns supply constraints persist

Filed January 23, 2026 · Period ending December 27, 2025 · Compared to 10-K Jan 31, 2025 · ~2 min read

Key Changes

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  Intel closed restructured CHIPS Act deal in August 2025, receiving $5.7B accelerated disbursement and issuing 275M shares plus warrant for 241M shares to DOC. Combined with $7B in private placements to SoftBank and NVIDIA, Intel raised $15B but diluted shareholders by ~700M shares.

  MD&A: CHIPS Act & Private Placements verify on EDGAR →
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  Wafer fabrication supply constraints on Intel 7 and Intel 3 nodes limited Q4 2025 revenue and are expected to persist into 2026, with Q1 2026 most severely impacted. Intel cannot fully meet customer demand for client and server products despite underlying demand.

  MD&A: Manufacturing Supply Constraints verify on EDGAR →
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  Intel 14A development contingent on securing significant external foundry customer. If unsuccessful, Intel may discontinue 14A and successor nodes, and is maintaining option to use external foundries for future products requiring performance beyond Intel 18A.

  MD&A: Intel 14A Development verify on EDGAR →