Taiwan Has Approved 44 Billion Dollars of TSMC Capital for Its US Unit Since 2020
Taiwan’s Ministry of Economic Affairs has approved 44 billion dollars of TSMC capital for its US subsidiary through 7 approvals since December 2020, the Central News Agency reported on 25 September, citing the ministry’s Department of Investment Review. The total equals 16.6 percent of TSMC’s 265 billion dollar investment plan in Arizona, on our calculation. The department said its approvals cover the equity injected into the subsidiary, not TSMC’s total spending in the United States, and that it expects further applications.
7 approvals since December 2020
| Approval | Amount ($bn) | Cumulative ($bn) |
|---|---|---|
| Dec 2020, two approvals | 3.5 | 3.5 |
| Mar 2023 | 3.5 | 7.0 |
| Sep 2023 | 4.5 | 11.5 |
| Jun 2024 | 5.0 | 16.5 |
| Sep 2024 | 7.5 | 24.0 |
| Jul 2026 | 20.0 | 44.0 |
December 2020 combines 30.001 million dollars to set up TSMC Arizona and a 3.47 billion dollar capital increase. Cumulative totals on our calculation.
The latest approval, granted by the ministry’s Investment Commission on 2 July, allowed a 20 billion dollar capital increase in TSMC Arizona to build 12 inch wafer fabs and advanced packaging plants, after TSMC’s board approved an injection of up to 20 billion dollars on 12 May. That single approval accounts for 45.5 percent of the cumulative total, on our calculation.
Outward approvals nearly double in 2026
Taiwan approved 62.39 billion dollars of outward investment in the first 8 months of 2026, up 98.37 percent on the year, the ministry said on 15 September, driven by TSMC’s 30 billion dollar injection into TSMC Global and the 20 billion dollar Arizona approval. Those two cases alone make up 80.1 percent of the total, on our calculation. TSMC raised its Arizona plan to 165 billion dollars in March 2025 and added a further 100 billion dollars on 16 July 2026, taking it to 265 billion dollars.
Why it matters: The approvals track how quickly TSMC is moving capital into its US expansion, and the 2026 injections drove a 98.37 percent rise in Taiwan’s approved outward investment in the first 8 months.
Outlook: The ministry expects further applications for TSMC’s US unit.
Sources: Ministry of Economic Affairs, Central News Agency, TSMC.
