Chipmakers are rushing to get Chips Act money before Biden's out. Here's who's finalized so far

As the Biden administration prepares to pass power to President-elect Donald Trump, U.S. chipmakers are rushing to finalize federal funding.

In 2022, President Joe Biden signed the bipartisan CHIPS and Science Act to boost semiconductor manufacturing, research, and development in the U.S. The $280 billion package includes $52 billion in subsidies for chips.

However, Trump’s criticism of the Chips Act as a “bad” deal has made some worried chipmakers eager to finalize their funding before he enters office. The president-elect has said the U.S. should instead put tariffs on chips coming into the U.S.

“That chip deal is so bad, we put up billions of dollars for rich companies to come and borrow the money and build chip companies here, and they’re not going to give us the good companies anyway,” Trump said during an interview with podcaster Joe Rogan in October.

In order to finalize funding, the Commerce Deparment has had to complete due diligence for chipmakers including Intel (INTC), Taiwan Semiconductor Manfuacturing Company, and Micron (MU). The award will be disbursed based on each company’s completion of project milestones, the department said.

With Trump entering office this month, here are the chipmakers that have finalized Chips Act funding so far.

Polar Semiconductor was awarded up to $123 million in direct funding under the Chips Act, the Commerce Deparment announced in September.

The funding will support the expansion and modernization of the company’s facility for manufacturing sensor and power chips in Bloomington, Minnesota.

In May, the Commerce Department proposed up to $120 million in federal incentives for Polar Semiconductor.

TSMC Arizona, a subsidiary of Taiwan Semiconductor Manufacturing Company (TSM), was awarded up to $6.6 billion in direct funding under the Chips Act, the Commerce Department announced in November.

The funding will support the chipmaker’s planned $65 billion investment in three greenfield fabrication sites in Phoenix, Arizona.

In April, the Commerce Department proposed up to $6.6 billion in direct funding for TSMC.

GlobalFoundries (GFS) was awarded up to $1.5 billion in direct funding under the Chips Act, the Commerce Department announced in November.

The funding will support the company’s $13 billion investment over the next decade in its manufacturing sites in New York and Vermont.

In February, the Commerce Department proposed $1.5 billion in direct funding for GlobalFoundries.

Rocket Lab (RKLB), the parent company of space-grade solar cells provider SolAero Technologies, was awarded up to $23.9 million in direct funding under the Chips Act, the Commerce Department announced in November.

The funding will support the modernization and expansion of the company’s facility in Albuquerque, New Mexico, that is projected to increase Rocket Labs’ compound semiconductor production by 50% over the next three years.

In June, the Commerce Department proposed up to $23.9 million in direct funding for Rocket Lab.

BAE Systems (BAESY) Electronic Systems, a business unit of BAE Systems, was awarded up to $35.5 million in direct funding under the Chips Act, the Commerce Department announced in November.

The funding will support the modernization of BAE Systems’ Microelectronics Center in Nashua, New Hampshire. The company plans to quadruple its production capacity for Monolithic Microwave Integrated Circuit (MMIC) chips in the modernized center. MMIC chips are critical for advanced military aircraft and commercial satellite systems.

Last December, the Commerce Department proposed $35 million in federal incentives for BAE Systems.

Entegris (ENTG) was awarded up to $77 million in direct funding under the Chips Act, the Commerce Department announced in December.

The funding will support the company’s construction of a state-of-the-art manufacturing center in Colorado Springs, Colorado for liquid filtration products and highly specializied containers called Front-Opening-Unified Pods (FOUPs) that are used to secure chip wafers during the transportation process.

In June, the Commerce Department proposed up to $75 million in direct funding for Entegris.

Micron was awarded up to $6.17 billion in direct funding under the Chips Act, the Commerce Department announced in December.

The Chips Act funding will support Micron’s two-decade plan to invest $100 billion in New York and $25 billion in Idaho for advanced memory chip manufacturing.

In April, the Commerce Department proposed up to $6.14 billion in direct funding for Micron.

GlobalWafers was awarded up to $406 million in direct funding under the Chips Act, the Commerce Department announced in December.

The Chips Act funding will support the company’s construction of wafer manufacturing facilities in Texas and Missouri.

In July, the Commerce Department proposed up to $400 million in direct funding for GlobalWafers.

SK hynix was awarded up to $458 million in direct funding under the Chips Act, the Commerce Department announced in December.

The Chips Act funding will support the South Korean chipmaker’s investment of $3.87 billion in West Lafayette, Indiana for a memory packaging plant for AI chips and an advanced packaging fabrication, research, and development facility.

In August, the Commerce Department proposed up to $450 million in direct funding for SK hynix.

Amkor Technology (AMKR) Arizona, a subsidiary of Amkor Technology, was awarded up to $407 million in direct funding under the Chips Act, the Commerce Department announced in December.

The Chips Act funding will support the company’s investment of $2 billion in a greenfield advanced packaging and test facility in Peoria, Arizona.

In July, the Commerce Department proposed up to $400 million in direct funding for Amkor.

Texas Instruments (TXN) was awarded up to $1.61 billion in direct funding under the Chips Act, the Commerce Department announced in December.

The Chips Act funding will support the company’s investment of more than $18 billion to construct two state-of-the-art chip facilities in Texas and one in Utah by the end of the decade.

In August, the Commerce Department proposed up to $1.6 billion in direct funding for Texas Instruments.

Samsung was awarded up to $4.75 billion in direct funding under the Chips Act, the Commerce Department announced in December.

The Chips Act funding will support the South Korean chipmaker’s investment of more than $37 billion to expand its chip development and production facilities in Taylor and Austin, Texas in the coming years.

In April, the Commerce Department proposed up to $6.4 billion in direct funding for Samsung.