Intel has announced an underwritten public offering of common shares intended to raise approximately $15 billion before fees and expenses. Intel says the net proceeds will support general corporate purposes, potentially including capital expenditure and working capital. A subsequent report claims orders for the offering exceeded $100 billion and that the final transaction could grow beyond $20 billion. The offering gives Intel additional liquidity while the company expands Intel 18A capacity, develops future process nodes and competes for external foundry customers. Issuing additional common stock dilutes existing shareholders unless the additional capital creates sufficient future earnings.