Industrial Policy Briefing · Published Jan 15, 2025

CHIPS Act disbursement milestones

Executive briefing: The U.S. Department of Commerce has lined up over $30 billion in preliminary CHIPS Act incentives for leading-edge fabs and trailing-node capacity, setting milestone-based disbursements as construction and tool-install reach risk-reduction gates.

Intel — Up to $8.5 billion in direct funding plus up to $11 billion in loans to accelerate fabs in Arizona, Ohio, New Mexico, and Oregon; award announced March 20, 2024.
TSMC — Up to $6.6 billion in grants and $5 billion in loans for its second and third Arizona fabs, with production of 2 nm-class N2P expected in 2028; agreement announced April 8, 2024.
Samsung — Up to $6.4 billion to expand the Taylor, Texas campus (logic, packaging, R&D) with commercial output slated for 2026; preliminary deal disclosed April 15, 2024.
Micron — Up to $6.1 billion backing memory fabs in New York and Idaho, paired with $7.5 billion in loans; memorandum announced September 24, 2024.
GlobalFoundries — Up to $1.5 billion for Malta, NY and Essex Junction, VT expansions targeting auto and defense nodes; agreement announced February 12, 2024.

Milestone implications

Funds flow as projects hit construction, tool move-in, and volume-readiness checkpoints, preserving leverage for on-time delivery and workforce commitments.
Stacked loans reduce weighted-average capital costs for multiyear builds, offsetting high-rate environments and cushioning EPC overruns.
Defense and automotive allocations (GlobalFoundries) ensure supply-chain resilience outside East Asia while leaving room for subsequent mature-node awards.

Sources

Zeph Tech maps CHIPS Act disbursement milestones to facility schedules and supply-chain risk signals.