Exclusive-Silver Lake, Intel-backed Altera prepares IPO that could raise over $2 billion as early as 2026, sources say

Silver Lake and Intel-backed chipmaker Altera are planning an initial public offering (IPO) that could raise over $2 billion, potentially as early as 2026, according to sources familiar with the matter. The underwriters for the IPO include Barclays, Citi, JPMorgan, and Morgan Stanley, though the order of banks has not been finalized.

Altera, based in San Jose, California, is preparing to confidentially file for the IPO in the coming weeks, though plans may still change. The offering would be one of the largest semiconductor listings in recent years, surpassing Arm Holdings' 2023 market debut that raised nearly $5 billion. Altera manufactures programmable chips for various industries, including telecom, military, data centers, and AI applications.

The company was acquired by Intel for $16.7 billion in 2015, with Silver Lake investing $3.3 billion alongside MGX. Intel CEO Lip-Bu Tan is overseeing a restructuring plan aimed at revitalizing the company's growth and attracting investors.