Mobileye, the self-driving technology company owned by Intel, has filed for an IPO.
An SEC filing shows the Israel-based company, which was acquired by Intel for $15.3 billion in 2017, intends to go public in a deal which reportedly values it at around $30 billion.
Mobileye makes the chips and software used to power autonomous vehicles. The company was founded in 1999 and is best known for the EyeQ system-on-a-chip, which acts as the brains of the company’s self-driving technology.
The SEC filing shows a healthy revenue growth over the past few years. The company posted $879 million in revenue in 2019, which jumped to $967 million in 2020 and reached $1.4 billion in 2021.
Intel first announced its intention to take Mobileye public late last year, and expected the company to have a valuation of more than $50 billion. But according to Bloomberg, the chipmaker has revised that valuation down to $30 billion due to poor market conditions. Intel Chief Executive Pat Gelsinger previously stated that by taking the company public Mobileye would be able to grow more easily, and some of the funds raised would be used by Intel to build more chip factories.
Mobileye supplies its technology to companies like BMW, Volskwagen and other major automakers, but has also said it will create its own fleet of autonomous vehicles for delivery and ride-hailing services. The company has previously announced plans to launch a driverless delivery service in 2023, and is currently testing autonomous vehicles in New York City. There are also plans to get a foothold in China by partnering with the Chinese car manufacturer Geely.
It is hoped Mobileye’s IPO could go some way to thaw the frosty IPO market for technology companies. Listings in the U.S. have raised a little over $7 billion this year, according to Dealogic. By the same point last year, traditional IPOs had raised $154 billion.