Intel’s self-driving company Mobileye files for an IPO

Intel’s self-driving technology firm Mobileye has filed for an initial public offering (IPO), according to a filing with the Securities and Exchange Commission (via CNBC). The Israel-based company, which Intel acquired for $15.3 billion in 2017, specializes in making the chips and software that powers autonomous vehicles.

According to Bloomberg, Intel initially expected the IPO to value Mobileye at $50 billion, but later lowered its expectations to around $30 billion. Mobileye’s SEC filing indicates steady revenue growth over the past few years, jumping from $879 million in 2019 to $967 million in 2020, and topping out at $1.4 billion in 2021. The filing doesn’t provide any information on how much a share could cost.

Founded in 1999 by Amnon Shashua and Ziv Aviram, Mobileye is known for its EyeQ system-on-a-chip (SoC), which serves as the “brain” for Mobileye’s driver-assist and self-driving technology. Mobileye also uses a data crowdsourcing program — called Road Experience Management (REM) — to build out a 3D map using real-time data from vehicles equipped with Mobileye’s technology. The company announced its EyeQ Ultra chip earlier this year, which Mobileye calls its most advanced system yet.

While Mobileye has supplied its technology to companies like BMW, Nissan, Volkswagen, and other major car companies, it’s also taking a stab at creating its own fleet of autonomous vehicles for delivery and ride-hailing services. Mobileye said it would establish a robotaxi service in Germany this year, and also announced plans to launch a driverless delivery service in 2023. The firm is currently testing autonomous vehicles in New York City and said it’s partnering with Chinese automaker Geely to start selling self-driving cars in the country.

Intel first announced its plans to take Mobileye public last year, with Intel CEO Pat Gelsinger saying an IPO “provides the best opportunity to build on Mobileye’s track record for innovation and unlock value for shareholders.” Gelsinger also added that Intel would use the funds earned from Mobileye’s IPO to build more chip plants. Intel’s currently building a $20 billion chip manufacturing hub in Ohio and invested another $20 billion to build chip-making plants in Arizona last year.