Key facts
- Chipmaker Altera has confidentially filed for a U.S. initial public offering.
- The IPO could raise over $2 billion.
- The offering may occur as early as 2026.
- Silver Lake and Intel are backing Altera.
- Altera produces programmable chips used in data centers, telecommunications, and AI applications.
Chipmaker Altera has confidentially filed for an initial public offering in the U.S., according to a company statement on Tuesday. The offering is anticipated to raise over $2 billion, positioning it as one of the largest semiconductor listings in recent years. The company is backed by private equity firm Silver Lake and Intel, which retains a 49% stake.
Altera, based in San Jose, California, prepares for the IPO with Barclays, Citi, JPMorgan, and Morgan Stanley tapped as underwriters, though the final lineup is not yet set. The company produces programmable chips utilized in a range of applications, including data centers, telecommunications equipment, industrial machinery, and aerospace and defense systems, as well as artificial intelligence.
Intel acquired Altera for approximately $16.7 billion in 2015. Last September, Intel sold a 51% stake to Silver Lake for $4.46 billion, valuing Altera at $8.75 billion. Altera's CEO, Raghib Hussain, had previously indicated the company's intentions for a public listing, citing growth in AI and robotics markets.
The potential IPO comes as the U.S. IPO market is experiencing a strong year, with record fundraising. Other large listings are anticipated, including Anthropic, which could raise significantly more. Altera's return to public markets follows Intel's ongoing restructuring efforts.