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Before the U.S. government took a stake, Intel's CEO led the chip manufacturing startup xLight, planning to raise $350 million.

MeNews
ME News Report, June 24 (UTC+8), according to Beating Monitoring, a U.S. government-backed chip manufacturing startup xLight is negotiating to raise $350 million. Investment firm Boardman Bay Capital Management and Bain Capital are expected to lead this funding round. The U.S. government has invested $150 million in xLight through the Chips and Science Act, potentially making it one of the major shareholders. xLight's total funding has reached approximately $200 million. Former Intel CEO Pat Gelsinger serves as the executive chairman of xLight. Gelsinger's venture capital firm Playground Global invested in xLight in 2025. xLight plans to lobby ASML, TSMC, Intel, and Micron Technology to participate in this funding round. xLight is dedicated to developing alternative light sources for extreme ultraviolet (EUV) lithography technology to reduce manufacturing time and costs for advanced server chips. ASML CEO Christophe Fouquet revealed that ASML is collaborating with xLight on technology demonstrations but said it remains a long road ahead. xLight plans to build its first prototype site in Albany, New York, aiming to have the first usable light source ready by 2028. The company has signed a $4.2 billion non-binding project financing agreement with lenders, intended for constructing the first seven facilities. Another startup, Substrate, is also developing X-ray-based lithography technology, directly competing with ASML. Since early 2025, the U.S. government has conducted at least 12 equity investments in private companies, focusing on shifting key supply chain segments for AI server chips to the U.S. This includes two semiconductor investments involving Intel and xLight. (Source: BlockBeats)
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