Intercropping of silage maize (Zea mays L.) and alfalfa (Medicago sativa L.) is not a common practice because alfalfa generally reduces maize grain and biomass yield. The objective of this research was to evaluate the productivity and profitability of silage maize–alfalfa intercropping, with a goal to establish alfalfa and increase alfalfa productivity in the first year of production. The experiment was conducted in Fargo and Prosper, ND, USA, in 2014–2017. The design was a randomized complete block with four replicates and a split-plot arrangement. The main plot had two maize row-spacing treatments (RS), 61 and 76 cm, respectively. Treatments in the subplot were: (1) maize monoculture, (2) maize intercropped with alfalfa, (3) maize intercropped with alfalfa + prohexadione-calcium (PHX), and (4) spring-seeded alfalfa in the following year (simulating a maize–spring-seeded alfalfa crop sequence). Both alfalfa and maize were seeded the same day in May of 2014 at both locations. Prohexadione-calcium, a growth regulator to reduce internode length and avoid etiolation of alfalfa seedlings, did not improve alfalfa plant survival. Averaged across locations, RS did not have an effect on silage maize yield and alfalfa forage yield. Alfalfa established in intercropping with maize had almost double the forage yield in the following year compared with spring-seeded alfalfa following a crop of silage maize. Considering a two-year system, alfalfa intercropped with maize had higher net returns than a silage-maize followed by a spring-seeded alfalfa sequence. This system has the potential to get more growers to have alfalfa in the rotation skipping the typical low forage yield of alfalfa in the establishment year.