Intel-backed Altera is preparing an initial public offering that could raise more than $2 billion, Reuters reported on September 10, potentially bringing the FPGA maker back to public markets less than a year after Silver Lake acquired control. The company is expected to confidentially file for the offering in the coming weeks, though the timing and size of the deal may change.
Confidential filing could start in coming weeks
The potential offering could take place as early as 2026, according to the Reuters report published by StreetInsider. A confidential filing would allow Altera to begin the regulatory process without immediately disclosing all offering terms publicly.
Silver Lake has reportedly selected Barclays, Citi, JPMorgan and Morgan Stanley as prospective lead underwriters. The final order of the banks has not been determined, Reuters said.
No terms for the proposed share sale, including a valuation or the number of shares to be sold, were included in the report. The reported $2 billion-plus figure and a potential 2026 listing timetable therefore remain subject to change.
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.
Silver Lake is considering taking Altera public, which would leave Intel with a significant continuing financial interest in the company.
Altera’s separation created an independent FPGA company
Silver Lake’s acquisition of a 51% stake established Altera as an independent pure-play FPGA company, Altera said on September 15, 2025. Intel kept a 49% minority holding.
Intel’s 2026 annual filing says that holding was worth approximately $3.2 billion and confirms Silver Lake’s control of the company.
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