Intel-Backed Astera Labs Sets Stage for Nasdaq Debut, Aiming To Capitalize On AI Boom

Astera Labs Inc, supported by Intel Corp INTC, announced its intention to raise up to $534 million through an initial public offering (IPO), capitalizing on the growing interest in artificial intelligence (AI) investments. 

Based in Santa Clara, California, the company planned to sell 14.79 million shares, with an additional 3.01 million offered by existing investors, priced between $27 and $30 each. 

The IPO was disclosed in a recent regulatory filing led by Morgan Stanley MS and JPMorgan Chase & Co JPM, Bloomberg reports.

Also Read: Intel Sets Sights on Dominating AI PC Market with Ambitious 100M Target, Partners with Microsoft

Astera was set to list on the Nasdaq Global Select Market under the ticker ALAB. 

Established in 2017, Astera focuses on developing semiconductor connectivity solutions to facilitate AI and machine learning applications in the cloud. 

The company’s push into the AI sector was highlighted in a 2022 funding round that garnered $150 million, valuing Astera at $3.15 billion, with notable investment from Intel’s venture arm. 

This move into the public market follows a surge in AI-related stocks, such as NVIDIA Corp NVDA. 

Price Action: INTC shares traded lower by 3.16% at $44.69 on the last check Friday.

Also Read: Intel Outlines Future in Foundry and Process Leadership, Analyst Sees Steady Performance

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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