MU · 10-Q · 2026Q2 · Full report
Domestic Manufacturing Investment
MICRON TECHNOLOGY INC · 2026-06-25 · Importance 37 · Surprise 42 · In source text
Micron is expanding leading-edge DRAM manufacturing in Boise, Idaho, and Clay, New York, supported by the U.S. CHIPS Act. The Boise fab is expected to produce its first DRAM wafers in mid-calendar 2027, while a second Idaho fab is planned to begin construction in 2026 with initial output expected in late calendar 2028. Micron broke ground on its first New York fab in January 2026, with supply expected in 2030 and beyond. The company has secured up to $6.4 billion in CHIPS Act grants, including $6.1 billion for Idaho and New York projects and $275 million for its Manassas, Virginia, fab, plus a 35% investment tax credit and up to $5.5 billion in New York incentives.
Key facts
- Micron entered into direct funding agreements with U.S. Department of Commerce for up to $6.1 billion in CHIPS Act direct funding on December 9, 2024 for a planned Boise fab and two planned Clay, New York fabs; amended June 11, 2025 to add a second Boise fab but direct funding for up to $6.1 billion remains unchanged. source
- Micron 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 20-plus years through tax credits and incentives. source
- Micron 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 broke ground in January 2026 on its first New York fab in Clay, New York, which will provide supply in 2030 and beyond; New York plan consists of up to four fabs over the next 20-plus years. source
- Micron announced plans to bring advanced HBM packaging capabilities to the United States. source
- On June 11, 2025, Micron entered into a direct funding agreement for up to $275 million to expand and modernize its fab in Manassas, Virginia; total CHIPS Act grants in connection with U.S. manufacturing projects amount to up to $6.4 billion. source
- Micron will receive a 35% investment tax credit on qualified investments in U.S. semiconductor manufacturing under the CHIPS Act. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | positive | committed | +3.9% | Micron entered into direct funding agreements with U.S. Department of Commerce for up to $6.1 billion in CHIPS Act direct funding on… |
| cash | positive | contingent | +0.6% | Micron 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… |
| cash | positive | committed | +0.2% | On June 11, 2025, Micron entered into a direct funding agreement for up to $275 million to expand and modernize its fab in Manassas,… |
| revenue | positive | probable | — | Micron broke ground on a leading-edge memory manufacturing fab in Boise, Idaho in September 2022; construction began October 2023 with… |
| revenue | positive | probable | — | Micron broke ground in January 2026 on its first New York fab in Clay, New York, which will provide supply in 2030 and beyond; New York… |
| revenue | positive | probable | — | Micron announced plans to bring advanced HBM packaging capabilities to the United States. |
| net_income | positive | probable | — | Micron will receive a 35% investment tax credit on qualified investments in U.S. semiconductor manufacturing under the CHIPS Act. |