Momenta is heading to the public markets. The autonomous driving software company has opened its initial public offering in Hong Kong, seeking up to $752 million to invest in artificial intelligence and robotaxis research. Momenta’s initial public offering would value the GM-backed company at about $9 billion.
The Suzhou-based company began accepting investor orders this week under stock code 6880. It is selling about 19.9 million shares at HK$295.60 each, raising up to HK$5.9 billion, or about $752 million. Reuters reported. At the top of the range, the float would value Momenta at nearly $9 billion.
It is one of the biggest tech listings that will test Hong Kong’s revitalized IPO market this year.
What does Momenta do?
Momenta creates the software that allows cars to drive themselves. It sells two things: mass-market driver assistance systems and fully autonomous driving for robotaxis. The first makes money today and helps finance the second.
The client list is amazing. Momenta says it works with 24 leading automakers, including Mercedes-Benz, Toyota, Audi, BMW’s Chinese division, Honda and SAIC. Its software now ships in 68 car models, up from eight in 2023. It claims to be deployed in eight of the world’s ten largest car manufacturing groups.
Growing fast, still losing money
The growth is real. Revenue rose 82% last year to RMB 2.4 billion, or about $337 million, after RMB 1.3 billion in 2024 and RMB 743 million in 2023, its brochure sample. Gross margin jumped to 71.6%.
The losses are real too. Momenta lost RMB 3.46 billion in 2025, more than the previous year. Most of it comes from accounting for its preferred stock, plus heavy spending on research. The company warns that it may not turn a profit in the foreseeable future. The IPO is, in part, fuel to move forward.
Who supports it?
The stock registry indicates who’s who in the automobile industry. General Motors, China’s SAIC, Toyota and Mercedes-Benz are all investors. Singapore’s Tencent and Temasek are also on board. Bloomberg reported.
Some are redoubling their efforts. Mercedes-Benz will return as a core investor in the IPO, according to the prospectus. Reports add asset manager BlackRock and China’s Boyu Capital to the core group. Founder Cao Xudong, who founded Momenta in 2016, maintains control through dual-class shares.
where the money goes
The plan for the cash is clear. About 60%, or HK$3.4 billion, will go to core technology and research over five years. About 20% will accelerate the deployment of the robotaxi.
The schedule is tight. Momenta expects to confirm share allocations by July 7, with trading in its Class A shares to begin the following day.
In a crowded race
Momenta doesn’t arrive early. China is already home to the busiest area in the world robotaxis scene. Pony.ai and Baidu’s Apollo Go offer fully driverless rides in several cities, and WeRide is growing.
Automakers are getting on board, too. XPeng has put a quality robotaxi car into production. Tesla, on the other hand, only launched its FSD system in China after years of delay. The fight for data and municipal permits is fierce.
The work on Momenta’s own robotaxi is initial but ambitious. It obtained permits for unmanned rides in Shanghai in January and is building what it calls the world’s first premium robotaxi with Mercedes-Benz and United Arab Emirates taxi company Lumo. It plans services in Abu Dhabi and Munich, with Uber and Grab as partners. For now, that business generates almost nothing.
Why is it important
The quote is a bet on where the cars are headed. Chinese developers are already leading the scale of real-world deployment of driverless systems. A new war chest allows Momenta to keep pace as she advances robotaxi fish accelerates.
It is also a test for Hong Kong. After a few lean years, Chinese AI and chip companies are floating in town again. Momenta’s debut will show whether investors still want to fund the long, expensive road to full autonomylosses and all.
