Innoviz, a lidar company backed by auto suppliers Magna and Aptiv, is going public via a SPAC merger expected to close in Q1 2021 at a valuation of $1.4B
Context & Ripple Effects
Innoviz's path to the public markets started with its $65M round in 2017, when auto suppliers Delphi (now Aptiv) and Magna took early positions in the Israeli lidar maker — a pattern of strategic supplier ownership that has defined the company since. The SPAC merger at a $1.4B valuation now converts those supplier stakes into listed equity without a traditional IPO.
First-order effects
- Magna and Aptiv gain liquid, markable positions in a lidar supplier they already back strategically, while Innoviz gets public-market currency to fund sensor production ahead of its Q1 2021 close.
Second-order effects
- The listing sets a comparable for peers: Quanergy followed within months with its own SPAC merger at an identical $1.4B implied valuation, while better-capitalized rivals like Aurora chose the same route at a far larger $13B — forcing every private lidar startup to price itself against these public benchmarks.
Third-order effects
- If the pattern holds, lidar consolidates into a listed tier where auto suppliers act as both customers and shareholders, and OEM programs such as Volkswagen's Cariad unit's roughly $4B sensor order with Innoviz are evaluated against public financials rather than private fundraising rounds.
The trend: Lidar startups are bypassing traditional IPOs in favor of SPAC mergers anchored by strategic auto-supplier backers, turning autonomous-driving component makers into public companies before their volumes arrive.