Intel Sends Self-Driving Software to the Stock Market
Intel Sends Self-Driving Software to the Stock Market. Intel wants to list subsidiary Mobileye, which specializes in software self-driving cars.
Chip giant Intel says it wants to go public with Mobileye. The company reports that it has filed the necessary paperwork for an IPO under closed cover with the US stock exchange regulator SEC. With Mobileye’s IPO, Bloomberg estimates that Intel could raise up to $50 billion.
Mobileye makes camera systems and the accompanying software for guiding self-driving cars. The Israeli company is best known to the general public as the maker of Tesla’s AutoPilot software.
Intel bought Mobileye in 2017 for about $15 billion after working with it for several years. The acquisition gave it a whole range of technologies and patents related to autonomous driving, including intelligent cruise control and camera systems.
The chipmaker initially wanted to integrate the company with its own self-driving car department, but it seems that it now remains more or less independent. As a company, Mobileye currently supplies its technology to a whole range of car manufacturers, including Tesla and Volkswagen and Ford.
The chip giant already indicated in December that it had plans to bring Mobileye to the stock exchange. It is not known how many shares will be issued and how much they would cost.