By the end of the year, the company will already have $1 billion of the funding in hand, according to the New York Times. The funds will supplement $65 billion in funds that TSMC

The U.S. Commerce Department said Friday it has finalized a $6.6 billion government subsidy for Taiwan Semiconductor Manufacturing Co's U.S. unit for semiconductor production in Phoenix, Arizona.

Under the agreement, the chipmaker will receive up to $6.6 billion worth of grants to finance a fab complex it’s currently building in Arizona. TSMC also has the option to access up to $5 billion in loans.