A Momenta robotaxi on display at the Shanghai Auto Show in April 2025. Credit: CnEVPost
- Momenta has partnered with 24 automakers globally, including nine of the world’s top 10 carmakers.
- Vehicles equipped with Momenta’s systems have surpassed 900,000 units so far.
Chinese self-driving startup Momenta cleared the Hong Kong stock exchange’s listing hearing on Tuesday and filed its post-hearing paperwork, applying for a listing in the city.
The Hong Kong listing means the Suzhou-based company has shelved its earlier plan for a New York debut. Amid rising tensions between the US and China, its US IPO application, filed confidentially in 2024, has lapsed.
China International Capital Corp and Deutsche Bank AG are serving as joint sponsors for the offering. Momenta received approval for its overseas listing filing from the Chinese mainland’s securities regulator last week.
Momenta may start gauging investor interest for the offering as early as this week, Bloomberg reported today, citing people familiar with the matter.
The company has posted rapid revenue growth over the past three years. Revenue came in at 743 million yuan ($110 million), 1.33 billion yuan and 2.41 billion yuan from 2023 to 2025, representing a compound annual growth rate of more than 80%.
Its revenue rose 81.8% from a year earlier in 2025. Licensing income has become a key growth engine, surging 42-fold over three years from 23 million yuan in 2023 to 968 million yuan in 2025.
Momenta posted a loss of 3.5 billion yuan in 2025, with cash reserves exceeding 10 billion yuan as of the end of 2025.
Research and development spending continued to climb, reaching 1.87 billion yuan for the full year of 2025, or 77.5% of annual revenue.
Founded in 2016, Momenta positions itself as a builder of foundation models for physical AI (artificial intelligence). In April this year, its R7 world model achieved its mass-production debut.
So far, vehicles equipped with Momenta’s systems have surpassed 900,000 units, with more than 100 mass-produced models delivered cumulatively.
The company has partnered with 24 automakers globally, including nine of the world’s top 10 carmakers.
According to data from China Insights Consultancy, Momenta ranked first among global independent solution providers by urban NOA sales over the 12 months through February 2026, with a market share of 65%.
Its shareholder lineup is notably strong, encompassing core players across the global auto industry chain. Strategic investors include SAIC Motor, General Motors, Mercedes-Benz, Toyota Motor and Tencent Holdings.
Momenta has raised funds multiple times since its founding. In 2025, the company raised more than $1.2 billion in pre-IPO financing.
Ahead of the IPO, founder Cao Xudong holds a 7.84% stake. SAIC Motor holds 9.45% through ZJSmart Holdings, General Motors holds 9.35%, and Mercedes-Benz holds 6.39%.
Net proceeds from the offering will primarily be used for core technology R&D, advancing the commercialization and scaling of its robotaxi services, and strengthening its mass-production vehicle solutions business.
Mercedes-Benz and Momenta have launched a robotaxi fleet based on the Mercedes S-Class sedan in Abu Dhabi, with plans to commence operations in 2026.
($1 = 6.7810 yuan)
