After Pat Gelsinger stepped down from Intel, he started a chip venture— with the government co-investing 150 million+ and institutions co-investing an additional 350 million. Is this pace meant to go head-to-head with ASML’s lithography light sources?

CoinWorld News: xLight, a chip-manufacturing startup led by former Intel CEO Pat Gelsinger, is negotiating to raise $350 million. Investment firms Boardman Bay Capital Management and Bain Capital are expected to lead this funding round. The U.S. government has invested $150 million in xLight via the Chips and Science Act, which may have already made it one of the company’s major shareholders. xLight’s cumulative funding has reached about $200 million. The company plans to build its first prototype site in Albany, New York, aiming to complete the first usable light source by 2028. The company has signed a $4.2 billion non-binding project financing agreement with lenders, intended for constructing the first seven facilities. Since the beginning of 2025, the U.S. government has made at least 12 equity investments in private companies, focusing on AI servers.