Intel-owned autonomous driving tech company Mobileye files for an IPO

Mobileye, the self-driving technology company that Intel bought for $15.3 billion in 2017, has filed for an IPO with the Securities and Exchange Commission. When Intel first announced plans to take Mobileye public late last year, the self-driving company was expected to have a valuation of more than $50 billion. Now seconds Bloomberg, Intel expects Mobileye to be valued at around $30 billion, due to rising inflation rates and poor market conditions. Regardless, it’s still bound to become one of America’s biggest deals by 2022 if the list is made this year.

Intel intends to retain a majority stake in Mobileye, but CEO Pat Gelsinger previously said that taking it public would give it the ability to grow more easily. He also said the company plans to use some of the funds raised from the IPO to build more chip factories. Intel revealed its big and bold foundry ambitions in 2021 when it announced the company would invest $20 billion in two Arizona manufacturing plants. At the time, Gelsinger even proclaimed that he was going after Apple’s business. Earlier this year, the CEO revealed he was committing another $20 billion to build two manufacturing plants in Columbus, Ohio. The company expects this facility to become “the largest silicon manufacturing location on the planet.”

Mobileye did not specify how much a share would cost in its SEC filing. However, he said he will use some of the proceeds from the IPO to pay off debts. The firm also talked about its history in the presentation and how its revenue grew from $879 million in 2019 to $1.4 billion in 2021, representing 43 percent year-over-year growth.

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