Altera, the programmable chip company backed by Silver Lake and Intel, is preparing for an IPO that could raise over $2 billion and close as early as 2026, according to sources. The company plans to confidentially file in the coming weeks. Underwriters have not been finalized, and Altera, Barclays, JPMorgan, Morgan Stanley, Silver Lake, Citi, and Intel all declined to comment.

If completed, it would be the largest semiconductor IPO since Arm Holdings raised nearly $5 billion in 2023**. The US IPO market is heating up: excluding SPACs, proceeds reached **$137 billion by end‑August, with Anthropic potentially seeking ~$100 billion in October – which could push the full‑year total past 2021's $156 billion record.

Altera designs programmable chips for data centers, telecom networks, industrial equipment, aerospace & defense, and AI applications. Intel acquired Altera in 2015 for ~$16.7 billion, and the company became fully independent in September 2025. Intel sold **51% to Silver Lake for $4.46 billion** (valuing Altera at $8.75 billion), retaining 49%; Silver Lake partnered with Abu Dhabi's MGX. CEO Raghib Hussain said in July that Altera is preparing for an eventual listing while expanding into AI and robotics.

The IPO marks Altera's return to public markets after years under Intel. Meanwhile, Intel under CEO Lip‑Bu Tan is restructuring through asset sales, cost cuts, and outside capital. The US government invested **$8.9 billion for a 9.9% stake**, tied to semiconductor and defense funding. Intel also raised ~$20 billion in an August equity offering – one of the largest tech equity raises in US history – to fund expansion and AI initiatives.

ICgoodFind Takeaway:
Altera's IPO signals renewed capital interest in programmable chips – and reflects Intel's broader asset‑lightening strategy. With the semiconductor IPO pipeline filling up, 2026 could be a landmark year for chip listings.