Altera Prepares Confidential IPO Filing Targeting Over $2 Billion

Altera, the programmable-chip maker majority-owned by Silver Lake with Intel retaining a 49% stake, is preparing a confidential filing for an initial public offering that could raise more than $2 billion and potentially debut in 2026. Barclays, Citigroup, JPMorgan and Morgan Stanley have reportedly been selected as underwriters, though the offering’s timing, size and valuation could change. Intel acquired Altera for about $16.7 billion in 2015 before selling a 51% stake to Silver Lake in a 2025 transaction that valued the company at $8.75 billion. Altera is pitching its field-programmable gate arrays as complementary to GPUs in artificial intelligence, robotics, data centers and edge-computing systems, while reporting double-digit revenue growth and sharply higher operating income. A successful listing at a valuation above the Silver Lake deal could provide a public-market test of Altera’s revival as an independent semiconductor company.