Intel’s self-driving technology subsidiary Mobileye, has filed for an IPO nearly a year after Chipzilla said it wanted to do it.
The Israeli outfit generated 2021 revenue of $1.4 billion with a net loss of $75 million for that same period. In 2020, Mobileye revenue was $967 million with a net loss of $196 million.
Despite losing more cash than a UK mini-budget Reuters reported Mobileeye could be valued as high as $50 billion.
Mobileye said that as of this past July its solutions had been installed in approximately 800 vehicle models and its system-on-chip technology had been deployed in over 117 million vehicles.
It was acquired by Intel for $15.3 billion in 2017 and appears to have grown in value. The company is headed up by Amnon Shahua, president and CEO of Mobileye and senior vice president at Intel.
Mobileye said that prior to the IPO, “Intel beneficially owned 100 percent of our outstanding shares of common stock, and we operated as Intel’s wholly owned subsidiary.” But after Mobileye’s public debut, Intel will beneficially own all of the outstanding shares of Mobileye’s Class B stock.
“As a result, Intel will be able to control all matters submitted to our stockholders for approval, including the election of our directors and the approval of significant corporate transaction”, the filing stated.
