Momenta has filed for its long-awaited listing in Hong Kong. The autonomous driving software developer aims to raise as much as $752 million. Shares could begin trading as soon as July 8. The move comes after years of heavy spending on technology that still produces losses.
Founded in 2016, the Suzhou-based firm split its efforts between software for mass-produced cars and full self-driving systems for robotaxis. It supplies production-ready automation code to carmakers. At the same time it operates paid robotaxi services in select Chinese cities. The dual approach helped it rack up partnerships fast.
As of late February 2026 Momenta counted ties with 24 global automakers. Those partners include BMW Group China, Audi, Toyota, BYD and Ford. They represent nine of the ten largest vehicle groups by sales volume. More than 733,000 vehicles on the road already run its software. Just Auto reported the details.
Revenue climbed 82 percent in 2025 to 2.41 billion yuan, or about $354.5 million. Licensing fees and technical services drove the gain. Gross margin expanded to 71.6 percent from 49 percent the prior year. Yet the bottom line worsened. Net loss grew to 3.45 billion yuan from 3.2 billion yuan. Scale has not yet offset the expense of building artificial intelligence models and maintaining fleets.
The IPO prospectus lays out clear priorities for the money. Roughly 60 percent goes to research and development. Another 20 percent funds robotaxi commercialization and deployment. Ten percent supports the mass-production vehicle business. The final 10 percent covers working capital and general needs. Fourteen cornerstone investors committed roughly $376 million. They must hold the shares for at least six months. The list features GIC, Fidelity International, BlackRock and Mercedes-Benz Group. Existing backers General Motors and Tencent Holdings add credibility.
Valuation at listing sits near HK$69.6 billion. That figure reflects earlier private rounds that pushed the company above $5 billion in 2025. Bloomberg noted in September 2025 that Momenta sought fresh capital at a valuation well above $5 billion. The Bloomberg article captured investor interest at the time. By mid-2026 the implied public valuation had climbed further amid renewed Hong Kong IPO momentum.
Momenta holds commercial operating licenses in Suzhou and Shanghai. It runs robotaxi services there today. International expansion forms the next chapter. The company plans launches in Abu Dhabi and Munich during 2026. Uber serves as a key partner for those tests. Reuters detailed the Munich pilot set for next year and potential commercial service in Abu Dhabi subject to approvals. Reuters covered the IPO filing and overseas plans on June 29.
Partnerships stretch beyond Uber. Momenta teamed with Grab in December 2025 to bring Level 4 technology to Southeast Asia. The deal included strategic investment from the ride-hailing giant. Mercedes-Benz selected Momenta to equip its electric CLA model with advanced driver assistance for the Chinese market starting in autumn 2025. Valeo signed a broad cooperation agreement in September 2025 to develop mid-to-high level systems for China and global markets.
These alliances matter. Chinese regulators have opened roads to higher automation faster than many Western counterparts. Yet turning pilots into profit remains difficult. Robotaxi operations demand constant mapping updates, remote supervision and safety drivers in early phases. Costs mount quickly. Momenta’s widening losses illustrate the challenge even as revenue grows.
Investors appear willing to underwrite the bet anyway. The Hong Kong exchange has seen stronger demand for technology listings lately. Momenta abandoned earlier plans for a New York listing amid U.S.-China tensions. The shift to Hong Kong lets it tap Asian capital while keeping focus on its core Chinese operations and selected overseas tests.
Execution risk looms large. Competitors such as Baidu’s Apollo Go already run thousands of paid robotaxi rides per day in multiple cities. Pony.ai and WeRide push similar expansions. Momenta must prove its software delivers better economics or superior safety data to win larger fleet orders. Its installed base in consumer vehicles gives it an edge in data collection. That data trains the very models needed for unsupervised driving.
And the proceeds arrive at a critical moment. Automotive original equipment manufacturers press for cheaper, more capable driver assistance features. At the same time cities explore robotaxi franchises. Momenta sits at the intersection. Success in one segment can subsidize the other. Failure in either drags the whole enterprise.
Cornerstone support from automakers and sovereign funds signals confidence. Mercedes-Benz, GM and Toyota all appear on the cap table or investor list. They gain early access to technology and potential influence on roadmaps. For Momenta the commitments de-risk the offering and set a floor under the share price in early trading.
Still, public markets will demand progress reports on path to profitability. Gross margin improvement shows operating leverage in the software business. Robotaxi margins lag because of fleet ownership and operational overhead. The allocation of IPO funds toward scaled deployment suggests management understands the gap.
GlobalData’s Just Auto piece noted the exact share structure. The offering includes 19.9 million Class A ordinary shares split between Hong Kong and international tranches with an over-allotment option. Net proceeds after fees reach about $5.61 billion Hong Kong dollars. Trading begins soon. Market reaction will reveal whether investors accept the current losses for future dominance in a market many expect to reach hundreds of billions of dollars.
Momenta has raised more than $2 billion privately before this listing. The latest round in late 2025 valued it near $6 billion according to CNBC reporting at the time. Public listing at a higher valuation reflects both progress and a friendlier IPO window. Whether that premium holds depends on delivery in Munich, Abu Dhabi and beyond.
China’s autonomous driving sector continues to attract capital despite macroeconomic headwinds. Policy support for smart vehicles remains strong. Local governments compete to host test fleets. Momenta benefits from that environment yet still faces the universal robotics problem. Hardware costs fall. Software reliability improves slowly and at great expense.
The company’s next earnings after listing will draw close scrutiny. Revenue growth must continue. Losses should narrow if research spending translates into higher licensing fees and robotaxi utilization. Partnerships with Uber, Grab, Mercedes and Valeo provide distribution channels few pure-play startups can match.
So the IPO represents more than fundraising. It marks a maturation point for one of China’s best-funded autonomous driving firms. Success could open the door for additional listings in the sector. Shortfalls might cool enthusiasm. For now the order book fills. Cornerstone names lend prestige. The technology sits in hundreds of thousands of cars and on the streets of two Chinese cities.
Momenta’s story is one of patient capital meeting rapid technical iteration. The public chapter begins this week. Industry insiders will watch mileage accumulated, disengagement rates published and margin trends reported in coming quarters. Those metrics will decide if the $752 million bet pays off.
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