Momenta, a Chinese self-driving software company, has launched a Hong Kong IPO targeting up to $752 million in fresh capital.
The Suzhou-based firm began taking investor orders this week under stock code 6880. At the high end of its range, the offering would value Momenta at roughly $9 billion. General Motors is among its backers. The company says it plans to direct proceeds toward AI research and robotaxi development.
The listing puts a public price tag on a segment of the autonomous vehicle market that has mostly been funded by private rounds and strategic corporate backers. A $9 billion valuation for a software-focused AV firm — one without a disclosed commercial robotaxi fleet at scale — is a signal that investor appetite for the sector hasn't cooled, at least in Hong Kong's market.
For context, Waymo has operated without a public valuation for years while burning through Alphabet's cash; Momenta's IPO gives the market a rare chance to price this kind of bet directly. Whether the order book fills at that valuation is the more interesting question than the filing itself.