Intel’s self-driving technology firm Mobileye has filed for an initial public offering (IPO), a report to the Securities and Exchange Commission says (via CNBC). Intel bought the Israel-based company for $15.3 billion in 2017. The company makes the chips and software that make self-driving cars work.
Bloomberg says that Intel first thought that the IPO would give Mobileye a value of $50 billion, but later changed its mind and now thinks that Mobileye is worth around $30 billion. Mobileye’s SEC filing shows that its sales have been going up steadily over the past few years, from $879 million in 2019 to $967 million in 2020 and all the way up to $1.4 billion in 2021. There is no information in the filing about how much a share might cost.
Mobileye was started in 1999 by Amnon Shashua and Ziv Aviram. The EyeQ system-on-a-chip (SoC) is the “brain” of Mobileye’s driver-assist and self-driving technology. Mobileye also uses a program called Road Experience Management (REM) to use real-time data from vehicles with its technology to build a 3D map. This year, the company showed off its EyeQ Ultra chip, which Mobileye calls its most advanced system to date.
Mobileye has sold its technology to big car companies like BMW, Nissan, Volkswagen, and others. It is also trying to make its own fleet of self-driving vehicles for delivery and ride-hailing services. Mobileye said it would start a driverless delivery service in 2023 and set up a robotaxi service in Germany this year. The company is testing self-driving cars in New York City and said it is working with the Chinese automaker Geely to start selling self-driving cars in the United States.
Intel first said it wanted to go public with Mobileye last year. Intel CEO Pat Gelsinger said at the time that an IPO was “the best chance to build on Mobileye’s history of innovation and unlock value for shareholders.”
Gelsinger also said that Intel would build more chip plants with the money from Mobileye’s IPO. Intel is spending $20 billion to build a hub for making chips in Ohio, and last year it spent another $20 billion to build chip-making plants in Arizona.