Intel could sell up to 49% of its foundry business to external investors, but a full IPO or spin-off is unlikely

Intel is considering selling up to 49% of its foundry business to external investors, but a full IPO or spin-off is unlikely. The company's CFO mentioned that selling a stake below 51% could trigger issues with the U.S. government. Intel's ownership agreements with the government require it to maintain at least 51% control of its foundry unit for the next five years. The Semiconductor Co-Investment Program allows Intel to raise capital without violating ownership clauses. While an IPO is still possible, the partial ownership of key fabs by third parties may complicate the process and reduce potential valuation.