Altera prepares for IPO that could raise over $2 billion
In the United States, programmable chipmaker Altera, whose controlling stake is owned by investment firm Silver Lake, is preparing for an initial public offering that could raise more than $2 billion. According to Channel NewsAsia, which published a Reuters report, the San Jose, California-based company could confidentially file for an IPO in the coming weeks, with a listing possible as early as this year. Sources familiar with the preparations cautioned that the timing and size of the offering could change.
Banks for the offering
Silver Lake has engaged Barclays, Citi, JPMorgan and Morgan Stanley as underwriters for Altera’s potential IPO. The final order of banks in the syndicate has not yet been determined, three Reuters sources said, requesting anonymity because the discussions are confidential.
Barclays, JPMorgan, Morgan Stanley and Silver Lake declined to comment. Altera, Citi and Intel did not respond to requests for comment.
If the offering takes place, it could become one of the largest IPOs in the semiconductor sector in recent years. For comparison, Arm Holdings raised nearly $5 billion when it went public in 2023.
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Altera ownership structure
Intel acquired Altera for approximately $16.7 billion in 2015. In September 2025, the company became independent after a deal under which Intel sold a 51% stake to Silver Lake for $4.46 billion. The deal valued the chipmaker at $8.75 billion, while Intel retained a 49% stake.
Silver Lake committed to invest about $3.3 billion of its own equity in the deal, with participation from Abu Dhabi-backed investment firm MGX. Altera CEO Raghib Hussain told Reuters in July that the company was preparing for a future listing by developing its artificial intelligence and robotics businesses.
Altera makes programmable chips for data centers, telecommunications networks, industrial equipment, aerospace and defense industries, as well as artificial intelligence applications.
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