Intel Corp. mentioned Monday its Mobileye autonomous car expertise unit has confidentially filed paperwork for an preliminary public providing in the US, which may worth it at than $50 billion.

Intel didn’t give extra particulars in regards to the providing, however has beforehand mentioned it could obtain nearly all of the proceeds from the share sale. A few of these funds will likely be used to construct extra Intel chip vegetation, CEO Pat Gelsinger mentioned in December.

The chip large will even retain a majority stake within the unit after the IPO, it has mentioned beforehand.

The IPO panorama has modified considerably from when Intel introduced in December to take Mobileye public, with various corporations suspending their listings as world inventory markets undergo a turbulent time resulting from fears of a looming charge hike and geopolitical tensions.

Mobileye, an Israeli firm that Intel purchased for about $15.3 billion in 2017, makes use of a camera-based system with adaptive cruise management and lane change help in driverless automobiles.

The corporate, based in 1999, plans to finally construct its personal lidar sensor to assist its automobiles map out a three-dimensional view of the street. It’s at the moment utilizing lidar models from Luminar Applied sciences on its preliminary robotaxis within the meantime.

Mobileye, which counts BMW, Audi, Volkswagen, Nissan, Honda and Normal Motors as its shoppers, has been a brilliant spot for Intel, which faces stiff competitors within the chip-making section from rivals Nvidia Corp. and Qualcomm Inc.

Gelsinger, actually, has been below stress from activist buyers to think about spinning off Intel’s chip operations, however the firm plans to speculate billions to increase its chip-manufacturing capability in the US and develop its market share.

Know-how powering driverless automobiles has been gaining traction even amongst legacy automakers together with Ford Motor Co., Normal Motors, and Toyota Motor Corp. which were investing on fashions with options corresponding to driver-assist and self-driving methods.