Intel said a "significant portion" of the net proceeds from the IPO will be used for "repayment of a note" to Intel. The remaining amount will be used as working capital for Mobileye as well as general corporate purposes. Gelsinger defended Mobileye's decision to go through with the IPO despite the economic climate. "It is a move to potentially move them into the market. It's not a capital raise," he told the WSJ Tech Live conference earlier this week. 10 things you need to know direct to your inbox every weekday.