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

Silver Lake and Intel-backed semiconductor company Altera are preparing for a massive initial public offering (IPO) that could raise more than $2 billion, sources indicate. The high-profile listing, potentially occurring as early as 2026, would be one of the largest semiconductor IPOs in recent years, alongside the 2023 market debut of Arm Holdings, which raised nearly $5 billion.

Underwriters for Altera's IPO include Barclays, Citi, JPMorgan, and Morgan Stanley, although the order of banks remains to be determined. Silver Lake, the investment firm behind the transaction, has tapped these major banks for underwriting services. The San Jose-based company is preparing to file for the IPO confidentially in the coming weeks, with a potential listing as early as this year. However, Altera, Barclays, JPMorgan, Morgan Stanley, and Silver Lake have declined to comment on the matter.

Citi and Intel did not immediately respond to requests for comment. If successful, Altera's IPO would mark a significant milestone in the U.S. IPO market, which has raised a record $137 billion through the end of August, according to Dealogic. Mega listings like Anthropic, expected to raise around $100 billion, are also contributing to the surge in IPO activity.