Momenta, a Chinese self-driving software company backed by GM, Toyota, and Mercedes-Benz, has launched a Hong Kong IPO seeking up to $752 million at a near-$9 billion valuation. The Suzhou-based firm reported 82% revenue growth to $337 million in 2025 with a 71.6% gross margin, but still posted losses of RMB3.46 billion. About 60% of IPO proceeds will fund core AI research, with 20% accelerating robotaxi expansion. Momenta's software ships in 68 car models across 24 automakers. The company has secured unmanned ride permits in Shanghai and is developing a premium robotaxi with Mercedes-Benz for Abu Dhabi and Munich, with Uber and Grab as partners. Trading is expected to begin July 8.
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What Momenta doesGrowing fast, still losing moneyWho is backing itWhere the money goesInto a crowded raceWhy it matters461 Impressions