Altera is moving toward a possible public offering after becoming a standalone company backed by Silver Lake and still partly owned by Intel. Reuters reported that the chipmaker could confidentially submit IPO paperwork in the coming weeks, with a deal potentially raising more than $2 billion. The listing could happen as early as this year, although both the timing and size remain subject to change, according to people familiar with the matter. Reuters first reported the plans.
A new ownership structure
Intel acquired Altera for about $16.7 billion in 2015. It later agreed to sell Silver Lake a 51% interest for $4.46 billion, a transaction that valued Altera at $8.75 billion; Intel kept the remaining 49%, while Abu Dhabi-backed MGX co-invested, according to Reuters. Altera’s announcement says completion of the transaction made the company an independent, pure-play FPGA supplier. Altera described Silver Lake’s investment as support for expansion in areas including industrial automation, robotics, aerospace, defense, data centers, telecommunications and edge AI.
The ownership change followed Intel’s effort to reduce costs and focus capital on its foundry business, according to EE Times. Altera reported $1.54 billion in fiscal 2024 revenue, compared with roughly $2 billion in annual revenue when Intel acquired the company, the outlet said.
Growth strategy and operating independence
Altera makes field-programmable gate arrays, or FPGAs, programmable chips used across markets such as data centers, telecommunications, aerospace, defense, robotics, industrial automation and edge AI. The company is emphasizing artificial intelligence and robotics as it seeks to return to growth, according to a July interview with CEO Raghib Hussain reported by Reuters and republished by KFGO.
Hussain told Reuters that revenue increased by more than 20% in 2025 and that the company expected growth of roughly 25% in 2026. He also said Altera had reduced its transition-service agreements with Intel from 125 to 15 as it built out its own infrastructure, according to the KFGO report. Those figures come from the cited Reuters interview rather than independent reporting in this article.
Other moves before a possible listing
Altera has also been reshaping its San Jose footprint. The company listed its 512,000-square-foot headquarters campus for a 10-year sale-leaseback in February 2026, a transaction Hoodline discussed while citing the Registry’s reporting on a broader trend of Silicon Valley companies monetizing real estate while remaining tenants.
Intel’s own finances remain part of the backdrop. The U.S. government agreed to invest $8.9 billion in Intel common stock for a 9.9% stake, according to Intel. Altera’s potential offering would therefore come as both companies pursue separate paths after the chipmaker’s separation from Intel.
