Altera prepares IPO that could raise over $2 billion

Altera, the world’s largest independent field-programmable gate array (FPGA) provider, is preparing for an initial public offering that could raise more than $2 billion as early as 2026. The chipmaker is backed by private equity firm Silver Lake, which acquired a 51% controlling stake in the company from Intel in September 2025 for approximately $4.46 billion.

Sources indicate that Altera may file for the IPO confidentially in the coming weeks. Silver Lake has reportedly engaged Barclays, Citi, JPMorgan, and Morgan Stanley as underwriters for the offering. This move follows Intel’s decision to carve Altera out as a standalone entity to address integration challenges.

Altera produces programmable chips used in data centers, telecommunications, aerospace, defense, and artificial intelligence. The company has recently focused on positioning itself at the intersection of AI, robotics, and edge computing, including the rollout of post-quantum cryptography support on its Agilex products. A successful listing would serve as a major benchmark for the semiconductor sector, marking one of the largest chip-related IPOs since Arm Holdings debuted in 2023.