Altera prepares IPO with Silver Lake backing, could raise over $2B

Altera is heading back to Wall Street. The company, now operating as the world’s largest independent FPGA provider, is preparing for a public offering in 2026 that could raise more than $2 billion, with private equity firm Silver Lake steering the ship. How Altera got here Altera was founded in 1983, went public in 1988, and built a reputation as one of the defining names in programmable chip design. Intel acquired it in 2015 for roughly $16.7 billion. After years of integration challenges, Intel carved Altera back out as a standalone entity in 2024 and 2025, and in April 2025 agreed to sell a 51% controlling stake to Silver Lake for approximately $4.46 billion. The deal valued the company at $8.75 billion, closed in September 2025, and left Intel holding the remaining 49%. The growth case CEO Raghib Hussain said in July 2026 that the company grew revenue more than 20% in the prior year and expects mid-20% growth for 2026, alongside a doubling of operating income. Altera has been moving to position itself at the intersection of AI, robotics, and edge computing. The company has rolled out post-quantum cryptography support on its Agilex 3 and Agilex 5 FPGAs and expanded DDR5 memory c...