Altera, the programmable chip business that Intel spun off in January 2025, is reportedly preparing to file for an initial public offering in the next few weeks.
An IPO “could raise over $2 billion as early as 2026,”
a Reuters report notes.
Intel still owns 49% of Altera. The remaining majority is controlled by the private equity firm Silver Lake, best known for taking a variety of household tech names private, including Dell, Electronic Arts, Endeavor, Qualtrics, and Skype.
If it happens, Altera would be one of the largest semiconductor listings in recent memory. The last big one was SoftBank-controlled Arm in 2023, which raised almost $5 billion.
It’s no secret that the IPO gates have swung open again, at least in the U.S. SpaceX broke records with its June 12 debut; peers Anthropic and OpenAI are imminent. Many more companies hope to draft behind them before market sentiment shifts again.
Altera makes a special kind of computer chip (most notably field-programmable gate arrays, or FPGAs) found in everything from financial trading systems and telecom networks to medical equipment and aerospace and defense systems.
Some computer chips are hardwired with function; Altera’s programmable chips can be repeatedly rewired with function. Standard CPUs execute software sequentially; FPGAs execute it in parallel, which is useful for certain tasks where reactive speed is important: routing data on a 5G network, guiding avionics, executing high speed stock trades, etc.
—AN