Altera, a chip manufacturer supported by private equity giant Silver Lake and Intel, is reportedly preparing to confidentially file for an initial public offering, with a listing potentially occurring as early as this year and targeting a fundraising amount exceeding $2 billion, according to sources cited by media reports.

Sources familiar with the matter indicate that Altera has selected Barclays, Citigroup, JPMorgan Chase, and Morgan Stanley to underwrite the IPO. The discussions remain confidential, and the sources requested anonymity. Reports suggest Altera is expected to submit its listing application confidentially within the coming weeks. If market conditions are favorable, the company could complete its IPO as soon as this year, with a potential fundraising scale surpassing $2 billion. However, the final size, valuation, and specific timing of the offering are still subject to change.

In response to these developments, Barclays, JPMorgan, Morgan Stanley, and Silver Lake declined to comment, while Altera, Citigroup, and Intel did not immediately respond to requests for comment.

Altera's history dates back to 1983. The company primarily develops programmable chips used across sectors such as artificial intelligence, industrial automation, and robotics. Altera is particularly renowned for its field-programmable gate array (FPGA) products. Unlike traditional chips whose functions are largely fixed after manufacturing, programmable chips can be configured to meet diverse customer application requirements, making them widely utilized in industrial, communications, and data processing scenarios that demand flexible computing power. As investments in AI infrastructure, robotics, and automation continue to grow, the application prospects for such chips are drawing increasing market attention.

The relationship between Altera and Intel stretches back more than a decade. In 2015, Intel acquired Altera for approximately $16.7 billion, marking one of the largest acquisitions in Intel's history at the time and aiming to expand its footprint in the programmable chip market. However, as Intel pursued business restructuring and sought to improve its financial position in recent years, Altera's ownership structure underwent significant changes. Last year, Silver Lake acquired a 51% controlling stake in Altera, while Intel retained the remaining shares. Subsequently, MGX, an Abu Dhabi-backed investment firm, also joined the deal.

Altera's current preparations for an independent listing signal that the chip company, once fully acquired by Intel, is moving further toward capital market independence. If the IPO is successfully completed, it will also provide a fresh avenue for Silver Lake and Intel to realize value from their holdings.

For Intel, Altera's listing carries notable significance. Following the sale of its controlling stake, Intel retains a significant minority position in Altera, making the company's future public market valuation an important benchmark for assessing the value of those assets. Meanwhile, Altera's programmable chip market is being propelled by the AI investment boom. With rising demand for high-performance, low-latency, and flexibly configurable computing capabilities in data centers, industrial automation, and robotics, the application potential of FPGAs and other programmable chips within the AI industry is attracting investor interest.

Should Altera ultimately raise more than $2 billion through its IPO, it would rank among the major semiconductor listings to watch this year, signaling that Silver Lake and Intel are preparing to reintroduce this programmable chip maker with over four decades of history to the public markets amid sustained capital enthusiasm for AI-related semiconductor assets.