Altera is preparing an initial public offering that could raise more than $2 billion and list as early as this year, according to people familiar with the matter. Silver Lake, which controls the programmable-chip maker after acquiring a 51% stake from Intel, has selected Barclays, Citi, JPMorgan and Morgan Stanley as underwriters. The San Jose, California-based company is expected to file confidentially within the next few weeks, although the timing and size of the offering could still change. Altera became fully standalone last September after Silver Lake’s $4.46 billion transaction valued the company at $8.75 billion, while Intel retained 49%. The company was acquired by Intel for about $16.7 billion in 2015 and makes field-programmable gate arrays used in data centers, telecommunications, industrial equipment, aerospace and defense, and artificial intelligence applications. Chief Executive Raghib Hussain said in July that Altera was preparing for an eventual public listing as it pursued growth in artificial intelligence and robotics. The offering would be among the largest semiconductor IPOs since Arm Holdings raised approximately $5 billion in its 2023 debut, as U.S. IPO proceeds excluding special-purpose acquisition companies reached a record $137 billion through August, according to Dealogic. An Altera listing could also help Intel mark its remaining stake to market while it pursues a broader restructuring.