Altera Corporation has formally filed confidentially for an initial public offering, signalling its intent to capitalise on strong investor interest in artificial intelligence and semiconductor infrastructure.
On Tuesday, the programmable chipmaker based in San Jose filed its draft Form S-1 registration statement with the US Securities and Exchange Commission (SEC).
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Altera produces programmable chips utilised in data centres, telecommunications networks, industrial machinery, AI applications, and aerospace and defence systems.
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Reports said last week that the company was gearing up for an offering potentially worth more than $2 billion as early as this year. A listing of this scale would position Altera among the biggest semiconductor debuts in recent years, trailing only Arm Holdings' $5 billion haul in 2023 and Cerebras' $5.55 billion offering this past May.
Capitalising on the broader artificial intelligence boom, SK Hynix secured more than $26 billion through a US listing in July. Other sector beneficiaries, including data centre firm SB Energy, are similarly launching IPOs to capture heightened market demand.
While Altera isn't solely focused on AI chips, it aims to position its programmable chips as a complement to GPUs in data centres, where they can manage networking, data processing, and certain AI inference tasks.
In 2015, Intel acquired Altera for approximately $16.7 billion; last September, it became fully independent after Silver Lake purchased a 51% stake for $4.46 billion, valuing the company at $ 8.75 billion. Intel still holds a 49% stake.
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