Intel-Backed Chipmaker Altera Prepares for IPO That Could Top $2 Billion, Sources Say

Chipmaker Altera, backed by private equity firm Silver Lake and Intel, is preparing for an initial public offering that could raise more than $2 billion as early as 2026, according to people familiar with the matter. The move would position Altera for one of the largest semiconductor listings in recent years.

IPO Details and Underwriters

Sources, who requested anonymity as the discussions are private, indicated that Altera is preparing to file confidentially for the IPO in the coming weeks. The company has reportedly tapped Barclays, Citi, JPMorgan, and Morgan Stanley as underwriters for the offering, though the final arrangement of the banks has not been set.

While a public listing could happen this year, the sources cautioned that the timing and size of the offering remain subject to change based on market conditions. If successful, it would be the most significant semiconductor IPO since Arm Holdings raised nearly $5 billion in its 2023 market debut.

Valuation and Market Context

The potential offering comes amid a strong year for the U.S. IPO market, which has seen record fundraising levels. An IPO could also mark a rapid increase in Altera’s valuation since it became a standalone entity.

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In September 2025, Intel sold a 51% stake in the unit to Silver Lake for $4.46 billion, a transaction that valued Altera at $8.75 billion. Intel had originally acquired the company in 2015 for approximately $16.7 billion.

Background on Altera

Altera specializes in programmable chips used across a wide range of applications, including data centers, telecommunications, industrial equipment, and artificial intelligence. Intel retains a 49% stake in the business following the deal with Silver Lake.

The spinoff and planned IPO align with Intel's ongoing restructuring efforts to streamline its operations and raise capital. Altera's Chief Executive, Raghib Hussain, had previously signaled the company's public market ambitions in a July interview with Reuters, stating it was "preparing for an eventual public listing."