Momenta Hong Kong IPO Targets $751M for Self-Driving Push
Quick Reads
- Momenta Global launched its Hong Kong IPO on June 29, 2026, seeking up to $751 million.
- The company is offering 19.9 million shares at HK$295.60 each, with trading set for July 8.
- Around 60% of proceeds will go toward R&D, including AI and data infrastructure.
- Cornerstone investors include Mercedes-Benz, BlackRock, GIC, and Boyu Capital.
- Momenta reported 82.1% revenue growth in 2025, despite a widening net loss.
Momenta Hong Kong IPO is officially open, and the stakes are high. The Chinese autonomous driving firm launched bookbuilding on Monday, targeting up to HK$5.89 billion, or approximately $751 million. Trading in its Class A ordinary shares is expected to begin on July 8.
Founded in 2016 by former Microsoft researcher Cao Xudong, Momenta develops advanced driver-assistance software for automakers. Its client list includes Toyota, Mercedes-Benz, SAIC, General Motors, BYD, and Audi. By the end of 2025, its software was running in over 680,000 vehicles globally.
According to Momenta’s official IPO prospectus filed with the Hong Kong Stock Exchange, the company plans to allocate about 60% of proceeds to research and development. That covers AI computing power, data storage, and engineering capabilities. Another 20% will accelerate the rollout of its Robotaxi services.
Furthermore, the company has ambitious international expansion plans. Momenta already secured permits for unmanned rides in Shanghai and is building a premium Robotaxi in partnership with Mercedes-Benz and UAE taxi firm Lumo. It also plans commercial Robotaxi services in Abu Dhabi and Munich this year, working alongside Uber and Grab, subject to regulatory approvals.
Financially, Momenta posted strong top-line growth. Revenue climbed 82.1% year-on-year to 2.41 billion yuan in 2025. However, its net loss widened to 3.46 billion yuan, from 3.21 billion yuan the year prior. The company warns it may not reach profitability in the near term.
Despite that, cornerstone investor demand looks solid. Mercedes-Benz, BlackRock, Singapore’s GIC, Fidelity International, Oaktree, Franklin Templeton, ChinaAMC, and Boyu Capital have collectively committed to buying roughly $376 million worth of shares. At the IPO price, Momenta’s valuation stands at nearly $9 billion.
Tech in Asia reported the full details of the filing, noting the IPO adds to a broader rebound in Chinese tech listings. Hong Kong IPOs raised $21.6 billion in the first half of 2026, a 51% jump from the same period last year. Momenta’s debut will test whether investors remain willing to back the long and costly road to full autonomy.
As we previously reported, public market appetite for deep tech has been building steadily, with high-profile listings like the Musk–ASML Terafab partnership drawing major investor attention ahead of its IPO.
