Momenta Global, a Chinese autonomous driving technology firm founded in 2016 by former Microsoft researcher Cao Xudong, launched its initial public offering (IPO) in Hong Kong on June 29, 2026 [1, 2, 3, 4, 5, 6]. The company aims to raise up to HK$5.89 billion (approximately US$751 million) by offering around 19.9 million shares at HK$295.60 each [1, 2, 3, 4, 5, 6]. Trading on the Hong Kong Stock Exchange under stock code '6880' is expected to begin on July 8, 2026 [1, 2, 3, 4, 5].
Momenta plans to allocate roughly 60% of the IPO proceeds to enhance research and development, targeting AI computing power, data storage, and expanding its engineering team [1, 2, 4, 5, 6]. Another 20% will be directed to accelerating the rollout of its Robotaxi services [1, 2, 4, 5, 6]. The IPO includes a green shoe option allowing up to 15% oversubscription, potentially raising additional funds if exercised [3].
Cornerstone investors backing the IPO include global names such as Mercedes-Benz, BlackRock, Boyu Capital, GIC, Fidelity International, Oaktree, Franklin Templeton, ChinaAMC, and Temasek [1, 2, 4, 5, 6]. By the end of 2025, Momenta's smart driving software had been installed in over 680,000 vehicles [1, 2, 5], with customers including Toyota, Mercedes-Benz, SAIC Motor, General Motors, BYD, and Audi [1, 2, 5, 6].
Despite revenue growth of 82.1% to 2.41 billion yuan in 2025, Momenta posted a net loss attributable to owners of 3.46 billion yuan (about US$509 million), up from a 3.21 billion yuan loss in 2024 [1, 2, 4, 5, 6]. The company’s software powers level 4 autonomous vehicles capable of self-driving within defined areas with minimal human intervention [1, 5].
Momenta announced plans to expand Robotaxi trials overseas in partnership with Uber, targeting commercial services in Abu Dhabi and Munich in 2026, subject to regulatory approval [1, 2, 5, 6]. The company also entered a strategic partnership with Singapore-based Grab in 2025, involving an undisclosed investment [4, 5].
The IPO share allocation results are expected on July 7, 2026, one day before trading commences on the Hong Kong Stock Exchange [4, 5, 6].
