[mhh__]

Nearly all the cool stuff in GCC and LLVM is paid for by companies (paying the salaries of developers). The software could definitely be done in this way (Symbiflow is very very nice), but keep in mind that developing an FPGA will require a lot of hardware and bums in seats.

The question is similar in scale to building an open source Intel core i7 - it's not impossible but keep in mind that an FPGA big enough (for example) to prototype any subsections of the CPU let alone the whole thing would cost hundreds of thousands.