Intel's Mobileye confidentially files for US IPO

Intel Corp said on Monday its self-driving car unit, Mobileye, has confidentially filed paperwork for an initial public offering in the United States.

The company did not give more details about the offering, which could value the Israeli unit at more than $50 billion, a source previously told Reuters. Pic: Reuters

Intel Corp said on Monday its self-driving car unit, Mobileye, has confidentially filed paperwork for an initial public offering in the United States.

The company did not give more details about the offering, which could value the Israeli unit at more than $50 billion, a source previously told Reuters.

Intel Chief Executive Officer Pat Gelsinger has been under pressure from activist investors to consider spinning off its chip manufacturing operations. Meanwhile, the company is investing billions to expand chip manufacturing capacity in the United States and grow its market share.

Intel bought Mobileye for $15.3 billion in 2017, as it looked to compete with rivals Nvidia Corp and Qualcomm Inc to develop driverless systems for automakers.

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