Intel has filed paperwork to spin off Mobileye, its autonomous driving unit, roughly five years after it acquired it.
Mobileye is a leading provider of autonomous vehicle technology, including the camera systems some models rely. Since being acquired by Intel, the company has benefited from Intel’s investment and technical expertise, significantly expanding its reach. According to The Wall Street Journal, via TheStreet, Mobileye’s vehicle pipeline has risen from 37 million vehicles in 2021 to 50 million in 2022. The company also increased its revenue 40% from 2020 to 2021, coming in at $1.4 billion.
Intel clearly wants to maximize the return on its investment, filing confidentially for a Mobileye IPO. The valuation could come in north of $50 billion, making it the largest IPO of the year so far. Intel says it will retain majority ownership.
The IPO could come as early as mid-2022.