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

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.