Intel to take Mobileye public once again
Intel revealed that it will hold an initial public offering (IPO) for Mobileye in the US sometime around the middle of next year. The automated vehicle technology company originally became a publicly traded entity in 2014 before being acquired by Intel in 2017 for $15.3 billion.
Intel, which currently owns 100% of Mobileye, will remain the majority shareholder in the company following its IPO. It plans to continue co-developing solutions for the automotive industry alongside it in the role of a strategic partner. The new entity will include all of Mobileye's assets, portions of the recently acquired Moovit, and "Intel teams working on lidar and radar development." Mobileye's founder Amnon Shashua will remain the public company's CEO, and it will retain its current leadership team.
Intel claims the move will "unlock the value of Mobileye for Intel shareholders by creating a separate publicly traded company and will build on Mobileye's successful track record and serve its expanded market". That track record includes the recent shipment of its 100 millionth EyeQ system-on-chip (SOC) solution for automated vehicle tech, a growing number of autonomous vehicle tests across the US, Europe, and Asia, and the unveiling of its first-generation robotaxi. Mobileye also currently holds 41 advanced driver-assistance systems (ADAS) contracts with 30 automakers across the globe.
Intel CEO Pat Gelsinger noted that an IPO offers "the best opportunity to build on Mobileye's track record for innovation," going on to predict that it will achieve 2021 revenue growth in excess of 40% over its 2020 totals.
Looking further forward, Mobileye plans to continue facilitating the eventual realization of fully autonomous vehicle sales with the launch of its first mobility-as-a-service (MaaS) programs starting in 2023, followed by the debut of its initial consumer and B2B vehicle designs for a full self-driving system sometime in 2024.
Intel said specific timing for the IPO will be announced at a later date and will be based on market conditions going into next year.