Intel has announced plans for an initial public offering (IPO) of Mobileye, the self-driving technology company it acquired in 2017.
Intel will remain a majority shareholder in the company and “receive the majority of the proceeds” from the IPO, which could value Mobileye at more than $50 billion (via Reuters).
“With the full support of Intel’s board of directors, Intel today announced its intention to take Mobileye public in the United States in mid-2022 via an initial public offering (IPO) of newly issued Mobileye stock. The move will unlock the value of Mobileye for Intel shareholders by creating a separate publicly traded company and will build on Mobileye’s successful track record and serve its expanded market.”
Mobileye works with several automakers including BMW, Audi, Volkswagen, Nissan, Honda and General Motors to implement their advanced driver-assist systems (ADAS) in their vehicles.
It has also previously partnered with Tesla to provide some of the technology behind Autopilot. That partnership ended in 2016 after disagreements with how the technology was being used.
Intel acquired Mobileye soon thereafter, paying $15 billion for the company in 2017.
Following the announcement, Intel CEO Pat Gelsinger said the proceeds will be used to help expand Intel’s chip building facilities.
