Intel-backed Altera is preparing an IPO that could raise more than $2 billion, with a confidential filing expected in the coming weeks. The filing comes less than a year after Silver Lake took control of the FPGA maker, which has picked four banks as prospective lead underwriters while Intel keeps a 49% stake.
Altera is preparing to file confidentially for an initial public offering that could raise more than $2 billion, according to a Reuters report published September 10. The filing would put the FPGA maker back on public markets less than a year after Silver Lake took control of the company.
Confidential filing could start in coming weeks
Altera is expected to submit the confidential filing in the coming weeks, which would let it begin the regulatory process without disclosing all offering terms publicly. The potential listing could happen as early as 2026, Reuters reported, though the timing and size of the deal may still change.
Silver Lake has reportedly selected Barclays, Citi, JPMorgan and Morgan Stanley as prospective lead underwriters. Reuters said the final order of the banks has not been determined, and no terms for the proposed share sale — including valuation or the number of shares to be sold — were included in the report.
Silver Lake controls Altera while Intel retains 49%
Intel completed the sale of a 51% controlling stake in Altera to Silver Lake on September 12, 2025, according to its annual filing. Silver Lake therefore controls the company, while Intel retained a 49% minority investment valued at approximately $3.2 billion in the same filing.
Taking Altera public would leave Intel with a significant continuing financial interest in the company even as Silver Lake holds the controlling stake.
An independent FPGA company
Silver Lake's acquisition established Altera as an independent pure-play FPGA company, Altera said on September 15, 2025, with Intel keeping its 49% minority holding. Intel's 2026 annual filing confirms that holding's value and Silver Lake's control of the company.
Sources: StreetInsider (Reuters), Intel SEC filing
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