The US Department of Commerce awarded Intel Corporation up to $7.865 billion in direct funding under the CHIPS Incentives Program’s Funding Opportunity for Commercial Fabrication Facilities. The award follows the previously signed preliminary memorandum of terms, announced on 20 March 2024, and the completion of the Department’s due diligence.

The award will directly support Intel’s expected US investment of nearly $90 billion by the end of the decade, which is part of the company’s overall $100+ billion expansion plan. The Department will disburse the funds based on Intel’s completion of project milestones.

As stated in the CHIPS Notice of Funding Opportunity for Commercial Fabrication Facilities, CHIPS for America will distribute direct funding to recipients for capital expenditures based on the completion of construction, technology, production, and commercial milestones. The program will track the performance of each CHIPS Incentives Award via financial and programmatic reports, in accordance with the award terms and conditions.

CHIPS for America has awarded more than $19 billion of the more than $36 billion in proposed incentives funding allocated to date.