Intel said on Monday it was planning to raise $15 billion through a share sale, as it looks to fund the costly ​build-out of its chip contract manufacturing business by cashing in on a stock surge fueled by ‌its turnaround efforts.

Once a dominant force in the global chip industry, Intel is investing heavily in new facilities and advanced packaging capabilities as it seeks to challenge industry leaders such as TSMC in contract chip manufacturing.

Bloomberg News, citing people familiar with the matter, reported that ​Intel plans to increase the size of its share sale to about $20 billion and could price the ​offering at $95 a share or higher, a discount of about 2.6% to the stock's Monday ⁠close of $97.52.

The report said investor demand has exceeded $100 billion and the deal could top $20 billion if the over-allotment option ​is exercised.

Reuters could not immediately verify the report. Intel could not be reached for comment outside regular business hours.

Intel's shares ​fell more than 4% on Monday. As of last close, the stock has nearly tripled so far this year, outperforming rivals AMD and Nvidia and the Philadelphia Semiconductor Index's nearly 75% rise.

Several analysts have said Intel's surging share price has increased the chances of ​an equity raise to help fund its expansion plans.

"As a capital-intensive business that went a long way to wrecking ​its own balance sheet and prospects by focusing on financial engineering rather than physical engineering, courtesy of $82 billion of share buybacks in ‌the 2010s, ⁠it makes perfect sense for Intel to raise money, especially after a five-fold increase in the stock price since last August," said Russ Mould, investment director at AJ Bell.

The shift toward AI agents has powered demand for central processing units beyond Intel's manufacturing capacity, prompting the chipmaker to raise its capital expenditure forecast for this year from $18 billion to $20 ​billion in July.

It also committed ​to high-volume production of chips ⁠using its 14A manufacturing process in 2028, after previously warning the technology could be shelved without a major external customer.

Its foundry unit has won Tesla as a 14A customer and ​optimism for another marquee client grew after U.S. President Donald Trump said Apple would make ​processors with Intel, ⁠though neither company confirmed it.

Last month, Intel announced a €5 billion ($5.77 billion) investment to upgrade and expand chip manufacturing in Ireland, representing more than 25% of its planned 2026 capital spending.

Intel plans to give underwriters a 30-day option to buy ⁠up ​to $2.25 billion worth of additional shares at the offer price, minus discounts.

JPMorgan ​Securities, Goldman Sachs, Morgan Stanley and Citigroup Global Markets are acting as joint book-running managers.