Chipmaker Altera is preparing for an initial public offering that could raise more than $2 billion, potentially creating one of the semiconductor industry’s largest listings in recent years.
The company, backed by private equity group Silver Lake and Intel, is preparing to file confidentially for the IPO in the coming weeks, according to people familiar with the plans.
Barclays, Citi, JPMorgan and Morgan Stanley have been tapped as underwriters, although the transaction’s timing and final size could still change.
A listing could happen before the end of 2026.
If completed at the expected scale, it would rank among the largest semiconductor IPOs since Arm Holdings raised nearly $5 billion when it returned to the public market in 2023.
Intel’s $16.7bn Acquisition Comes Full Circle
Altera has a long history with Intel.
Intel acquired the programmable-chip specialist for $16.7 billion in 2015, one of the biggest acquisitions in the semiconductor company’s history.
But Intel subsequently changed strategy as it attempted to restructure its operations and strengthen its balance sheet.
In 2025, Intel sold a 51 per cent stake in Altera to Silver Lake for $4.46 billion, valuing the business at $8.75 billion. Intel retained the remaining 49 per cent.
Returning Altera to public markets would therefore mark another important stage in that restructuring.
AI, Robotics Open New Markets
Altera specialises in programmable semiconductors known as field-programmable gate arrays, or FPGAs.
Unlike conventional processors whose functions are largely fixed after manufacturing, FPGAs can be reconfigured for specialised workloads.
The technology is used across data centres, telecommunications networks, industrial equipment, aerospace and defence systems, as well as emerging artificial intelligence and robotics applications.
That exposure could make Altera attractive to investors seeking semiconductor companies benefiting from AI without relying exclusively on conventional GPUs.
IPO Market Comes Back to Life
The timing is equally significant.
US IPOs excluding special-purpose acquisition companies had raised a record $137 billion through the end of August 2026, according to Dealogic data cited by Reuters.
Several potentially enormous technology listings remain in the pipeline.
The reopening of public markets is giving venture-capital and private-equity investors opportunities to exit investments after several years in which higher interest rates and uncertain valuations suppressed IPO activity.
Altera could become an important test of investor appetite for established semiconductor companies positioned around AI, communications and industrial computing.
For Intel, a successful listing could also increase the value and liquidity of the substantial Altera stake it continues to own.
