Chipmaker Altera Files Confidentially for U.S. IPO Aiming to Raise Over $2B

Chipmaker Altera has taken another significant step toward returning to the public market in the United States, having submitted a confidentially drafted prospectus for an initial public offering. This move places the company at the forefront of technology firms attempting to capitalize on high investor demand for exposure to artificial intelligence and advanced computing infrastructure.

According to reports, Altera is preparing for an offering that could raise more than $2 billion as early as the coming year, making it one of the largest chip IPOs in recent years. The submission of the confidential prospectus allows the company to advance with U.S. regulators without disclosing full data on its revenues, profitability, or targeted valuation at this stage.

Altera was founded in 1983 and was acquired in 2015 by Intel for $16.7 billion. Following a strategic shift, Intel sold a 51% controlling stake to the Silver Lake fund at a valuation of $8.75 billion. Today, Intel holds 49% of the share split, alongside the Abu Dhabi-backed investment fund MGX.

Altera's core products are programmable chips designed for data centers, communications, and defense, serving as complementary components to AI processors. CEO Ragib Hussain estimates that Altera is expected to record growth of about 25% this year, a figure it will use to try and convince Wall Street investors to grant it a high market valuation.