 During SGI's ownership of MIPS, the company introduced the R8000 in 1994 and the R10000 in 1996 and a follow up the R12000 in 1997.During this time, two future microprocessors code-named "The Beast" and "Capitan" were in development; these were cancelled after SGI decided to migrate to the Itanium architecture in 1998.As a result, MIPS was spun out as an intellectual property licensing company, offering licences to the MIPS architecture as well as microprocessor core designs.