MU · 10-K · 2026A · Full report
Domestic Manufacturing Investment
MICRON TECHNOLOGY INC · 2026-10-09 · Importance 52 · Surprise 42 · In source text
Micron expects first DRAM wafer output from its Boise, Idaho, fab in mid-calendar 2027 and from its second Idaho fab in late calendar 2028. The company broke ground on its first New York fab in January 2026 and expects initial wafer output in calendar 2030, with a long-term plan for up to four fabs over more than 20 years. CHIPS Act agreements provide up to $6.4 billion of grants for U.S. manufacturing expansion and modernization, including $6.1 billion for Idaho and New York and $275 million for Manassas, Virginia. Micron also plans approximately $10 billion of investment over the next decade in Micron Research Labs in Boise to advance memory, compute, and semiconductor manufacturing technologies.
Key facts
- Micron will receive a 35% investment tax credit on qualified investments in U.S. semiconductor manufacturing under the CHIPS Act and signed a non-binding term sheet with the State of New York providing for up to $5.5 billion in funding for the planned four-fab facility over the next 20-plus years. source
- In December 2024 Micron entered into direct funding agreements with the U.S. Department of Commerce for up to $6.1 billion in direct funding pursuant to the CHIPS Act for a planned Boise fab and two planned Clay, New York fabs. source
- In June 2025 Micron amended direct funding agreements to add a second planned Boise fab and allocate award funding from the $6.1 billion grants; in June 2025 Micron also entered into a direct funding agreement for up to $275 million to expand the Manassas, Virginia fab, for total CHIPS Act grants of up to $6.4 billion. source
- Micron announced plans to invest in leading-edge memory manufacturing sites in Idaho and New York following enactment of the CHIPS Act and broke ground on a leading-edge memory manufacturing fab in Boise, Idaho in September 2022; construction began October 2023 with first DRAM wafer output projected in mid-calendar 2027. source
- Micron's investment plan for New York includes up to four fabs in Clay, New York to be built over the next 20-plus years; Micron broke ground on its first New York fab in January 2026, achieved first concrete pour in July 2026, and expects initial wafer output in calendar 2030. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| assets | positive | committed | +1.4% | In June 2025 Micron amended direct funding agreements to add a second planned Boise fab and allocate award funding from the $6.1 billion… |
| assets | positive | contingent | +0.2% | Micron will receive a 35% investment tax credit on qualified investments in U.S. semiconductor manufacturing under the CHIPS Act and… |
| cash | positive | probable | — | Micron will receive a 35% investment tax credit on qualified investments in U.S. semiconductor manufacturing under the CHIPS Act and… |
| assets | positive | committed | — | Micron announced plans to invest in leading-edge memory manufacturing sites in Idaho and New York following enactment of the CHIPS Act and… |
| revenue | positive | probable | — | Micron announced plans to invest in leading-edge memory manufacturing sites in Idaho and New York following enactment of the CHIPS Act and… |
| assets | positive | committed | — | Micron's investment plan for New York includes up to four fabs in Clay, New York to be built over the next 20-plus years; Micron broke… |
| revenue | positive | probable | — | Micron's investment plan for New York includes up to four fabs in Clay, New York to be built over the next 20-plus years; Micron broke… |