Intel's Self-Driving Technology Mobileye Unit Files for IPO

Intel has filed for an initial public offering of its self-driving technology business, Mobileye Global, braving the worst market for new US listings since the financial crisis more than a decade ago. Bloomberg reports: The company didn't disclose terms of the planned share sale in its filing Friday with the US Securities and Exchange Commission. Mobileye will continue to be controlled by Intel after the IPO, according to the filing. Intel expects the IPO to value Mobileye at as much as $30 billion, less than originally hoped, Bloomberg News reported this month. If the listing goes ahead this year, it would be one of the biggest US offerings of 2022. Currently, only two companies have raised $1 billion or more on New York exchanges since Jan. 1, compared with 45 in 2021. This year, the US share of IPOs has shrunk to less then a seventh of the global total from half in 2021.

Intel Chief Executive Officer Pat Gelsinger is trying to capitalize on Jerusalem-based Mobileye, acquired in 2017 for $15 billion, with a partial spinoff of its shares. Mobileye makes chips for cameras and drive-assistance features, and is seen as a prized asset as the car industry races toward fully automated vehicles. Now with about 3,100 employees, Mobileye has collected data from 8.6 billion miles on the road from eight testing sites globally, according to its filing. The company says its technology leads in the race to shift the automotive industry away from human drivers. It's shipped 117 million units of its EyeQ product.

Mobileye has been a particularly bright spot for Intel and has consistently grown faster than its parent. As of July, it had $774 million of cash and cash equivalents. In the 12 months ended Dec. 25, it had a net loss of $75 million on revenue of $1.39 billion. The company said it plans to use proceeds from the IPO to pay down debt and for working capital and general corporate purposes.

Re:

[Arethan]

Jealous person posts as AC. News at 11.

Competition will yield cheaper cars

[iamnotx0r]

The more in the goal for self driving is a good thing.

The history of cars has always innovations that included more drivers.

Electric starters allowed weaker people to drive.(no more hand cranking)

Power steering, allowed older people to drive(another weak people)

Self driving will just add more people to ability to be mobile, and cheaper.

Self Driving Computer program driven driving

[Canberra1]

There is the fallacy. We already self drive. The add on computer module costs 10-20K. It may not be up-gradable in the future. It uses a lot of electricity, less MPG. Most use a learned route using augmented bandwidth, maps and exceptions etc (Most likely NOT to be shared with now on the block competitors) . After an earthquake or sporting stadium event, it may not cope. Computer assisted driving is a play on words, to disguise almost good enough computer assisted driving on a well known path - such as if

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[Arethan]

Self driving will just allow drunker people to drive
ftfy :D

Re:

[iamnotx0r]

Whats wrong with them not driving?

Re:

[Arethan]

Self driving will just allow drunker people to drive

Whats wrong with them not driving?

Absolutely nothing, actually. I fully support the idea of drunk people letting the computer drive instead. Hence the smiley face :D

Re:

[TigerPlish]

Power steering, allowed older people to drive(another weak people)

I've had cars without power-steering (MGB, Rx-7). I've driven a few more that didn't have power anything.

The trick to driving a car with Armstrong Power Steering (that is, none) is to nudge the car forwards or backwards and *then* steer.

If you try to steer-in-place, well, do it enough and yuo'll get big biceps..

Toonces The AI That Could Drive a Car

[BrendaEM]

Self-driving cars are so much Toonces https://www.youtube.com/watch?... [youtube.com]

This is stupid

[paravis]

Until there is infrastructure to guide/regulate "self" driving, there is no self driving! The sensor crap is a joke. My goodness, just look at Tesla.

Re:This is stupid

[Fuzi719]

Don't confuse Tesla's self-inflicted idiocy on others. Tesla thinks they can do it with visible-light cameras only. Everyone else knows it is going to require a combination of visible-light/IR cameras, radar, and LIDAR.

Good luck with that

[r2kordmaa]

Self driving tech may be all the rage, but 30bil valuation seems excessively optimistic to me. What exactly do they have to show for a price tag like that? A vision module, that's it? And the proceeds don't go towards new investments but to make up for past losses? I wouldn't hold too much hope for that IPO.

They can't even get chips right

[Tablizer]

...what makes some think they'll be better with cars?