- Autonomous driving startup enters final stretch toward a Hong Kong listing backed by global automakers and tech investors
- The company tripled revenue in three years and claims the largest share of China’s third-party urban assisted-driving market
Autonomous driving startup Momenta has passed its Hong Kong listing hearing, moving into the final stage of its initial public offering and positioning itself to become the first “physical AI” company to list in the city.
The company published its post-hearing information pack on June 23. China International Capital Corp. and Deutsche Bank are acting as joint sponsors.
According to a filing published by the China Securities Regulatory Commission on June 18, Momenta plans to issue up to 43.75 million shares overseas. Local media estimates suggest the offering could raise about $1 billion.
Founded in 2016 and headquartered in Suzhou, Momenta positions itself as a builder of foundation models for physical AI, a category that applies AI to real-world systems such as vehicles and robots.
Its prospectus showed revenue climbed from 743 million yuan ($110 million) in 2023 to 2.41 billion yuan in 2025, representing a compound annual growth rate of more than 80%.
Cash reserves exceeded 10 billion yuan at the end of last year.
The company has emerged as one of China’s largest providers of assisted-driving software. According to China Insights Consultancy, Momenta held a 65% share of China’s third-party urban navigation-on-autopilot (NOA) supplier market by sales volume between March 2025 and February 2026, ranking first in the sector.
More than 900,000 installations
More than 900,000 production vehicles equipped with Momenta’s systems have been delivered, spanning over 100 vehicle models.
The company said it has secured design wins for more than 210 models and established partnerships with 24 automakers, including nine of the world’s top 10 car manufacturers.
In April, Momenta launched mass production of its R7 world model, a system designed to enable vehicles to better understand and interact with complex real-world environments.
The company continues to spend heavily on research and development. R&D expenditure reached 1.87 billion yuan in 2025, equivalent to 77.5% of annual revenue. Cumulative R&D spending over the past three years totaled 4.66 billion yuan.
A long roster of backers
Momenta’s shareholder roster includes strategic investors from both the automotive and technology sectors.
Backers include SAIC Motor, General Motors, Mercedes-Benz, Toyota, BYD, Hyundai Motor Group and Chery, alongside Tencent, Alibaba Cloud, Ant Group and JD.com.
Financial investors include Temasek, IDG Capital and the Oman Investment Authority, according to the prospectus.
