Intel Corp. announced a proposed offering of its common stock worth $15 billion, with net proceeds to be used for general corporate purposes, which may include capital expenditures and working capital. The company said customers continue to signal a “strong and sustainable demand environment,” driven by unprecedented investment in AI compute. Intel pointed to emerging areas including physical AI, purpose-built silicon, advanced packaging and external wafers as significant growth opportunities. The raise is intended to help pursue growth opportunities while maintaining a strong balance sheet and its commitment to an investment-grade rating. Underwriters will have a 30-day option to purchase up to an additional $2.25 billion worth of shares at the public offering price, less underwriting discounts. Intel shares were down nearly 4% in Monday’s pre-market trade. During the company’s second-quarter earnings call, CFO David Zinsner said Intel now expects 2026 capital expenditures to exceed $20 billion, with 2027 capital expenditures expected to be “significantly above” 2026 levels, with the vast majority of spending going toward its U.S. network. Zinsner said the increased investment is a “signal of our confidence in customers across all of our business units,” with capacity being put in place in anticipation of demand over the next several years. The spending will be broad-based, including advanced packaging, but skewed toward front-end manufacturing.