Momenta (stock code: 06880), the first physical AI stock, was listed on the Hong Kong Stock Exchange today. Momenta issued 19938300 shares at a price of HKD 295.6, raising a total of HKD 5.894 billion; After deducting the payable listing expenses of HKD 238 million, the net fundraising amount was HKD 5.656 billion.
Assuming full exercise of the "Green Shoes" (over allotment rights), Momenta will issue approximately 22.93 million shares globally, raising a total of approximately HKD 6.8 billion. Among them, the public offering portion received 413.63 times the subscription; The international offering received over HKD 100 billion in institutional orders, covering sovereign and long-term funds from 15 countries and regions, with a total oversubscription (excluding cornerstone, before green shoes) of about 44 times.
The opening price of Momenta is HKD 301, up 2% from the issue price; As of now, the company's market value exceeds HKD 70 billion.
The day before, Momenta announced that its mass production business has exceeded one million units.
Momenta's anchor subscription this time comes from GIC, Fidelity, BlackRock, Franklin Templeton, ADIA, CPPIB, Wellington, Schroders, Temasek, JPMAM, T. Rowe Price, Barings, Pictet, GSAM, UBS GAM, and Anben Investment. Aberdeen, Oman Investment Authority (OIA), Dragoneer, Janus Henderson, Amundi, Deka Investment, DWS Group, Union Investment, etc. This lineup presents a global long-term joint contribution. The subscription amount for the long term alone exceeds 15 times.
In addition, state-owned sovereign and large-scale insurance asset management and public funds such as China Investment Corporation, Chengtong Holdings Group, Taibao Asset Management, Taikang Asset Management, Ping An Asset Management, Life Franklin, Xinhua Asset Management, Guangfa Fund, Huaxia Fund, E Fund, Southern Fund, Huitianfu Fund, China Post Fund, etc; Market oriented private equity institutions such as Boyu Capital, Gaoyi Asset Management, and Dinghui Investment have also participated in this issuance.
GIC, BYD, and Zhaoyi Innovation are cornerstone investors
Momenta's cornerstone investors are Government Investment Corporation of Singapore (GIC), Fidelity International, BlackRock, Mercedes Benz, Oaktree Capital, BYD's Jinxing, Boyu, Franklin Templeton Fund Group, Gao Yi Entity CPIC、 Guangfa Fund, Huaxia Fund (Hong Kong), Suzhou Magic Speed, and Zhaoyi Innovation have subscribed a total of 376 million US dollars.
Among them, Singapore Government Investment Corporation (GIC) and Fidelity International led the investment, both receiving $100 million; BlackRock and Mercedes Benz each subscribed $25 million, Oaktree Capital contributed $20 million, BYD subscribed $15 million, Franklin Templeton Fund Group, Boyu, Gao Yi Entity CPIC、 Huaxia Fund (Hong Kong) subscribed for 10 million US dollars each, Suzhou Mosu subscribed for 24.75 million US dollars, and Zhaoyi Innovation contributed 6 million US dollars.
Industry analysts say that Momenta's ultra luxury cornerstone lineup sends three major signals:
Firstly, the top international lineup of "All Stars" is led by Singapore Government Investment Corporation and Fidelity International.
As a globally renowned sovereign fund, the Singapore Government Investment Corporation manages a scale of trillions of dollars, which is close to the market value of Warren Buffett's Berkshire Hathaway. In recent years, it has invested in a series of globally renowned technology companies, including large model leader Anthropic, TSMC, and others. GIC entered Chinese Mainland in 1995 and invested in well-known industry leading companies such as Alibaba, Meituan and Kwai.
Fidelity International is a top global asset management institution, with assets under management exceeding $1 trillion. Fidelity International has made long-term investments in Chinese industry leaders such as Tencent, Alibaba, BYD, and CATL. In recent years, Fidelity International has also invested in numerous AI industry leaders such as Zhongji Xuchuang, Xinyisheng, Cambricon, and Lanqi Technology through its funds. From the past investment targets of these two leading investment funds, it can be seen that they both prefer AI technology companies with high growth attributes and choose to lead investment in Momenta.
In addition, giants such as BlackRock, the world's largest asset management institution, Oaktree Capital, an internationally renowned investment group founded by renowned investor Howard Marks, and Franklin Templeton Fund Group, founded by legendary investor Franklin Templeton, have all joined in.
Mercedes Benz and BYD join forces to support. Mercedes Benz and BYD are both old shareholders and partners of Momenta, and this time they continue to increase investment and deepen their strategic cooperation as the cornerstone.
Annual revenue of 2.4 billion, licensing revenue becomes a growth engine
Momenta was founded in September 2016. In order to achieve the large-scale implementation of physical AI, Momenta adopts a "two legged" strategy globally, based on insights from "data flywheel" technology. Mass Production and Scalable Robo operate in parallel, with a world model as the foundation, allowing physical AI to move from technological concepts to real life.
At the business model level, Momenta accurately positions itself as a "platform level" company - covering passenger cars, autonomous taxis (Robotaxi), and unmanned vehicles (Robovan) with a large model, and expanding to the field of autonomous trucks (Robotruck) by 2027.
This all scenario, platform based layout not only reduces marginal costs but also builds a diverse, collaborative, and sustainable business ecosystem.
As of June 2026, Momenta has accumulated over 210 designated vehicle models and achieved efficient deployment of 100000 units delivered in less than 40 days. It has established partnerships with 24 leading global vehicle manufacturers.
In terms of global layout, Momenta's mass production solutions have been implemented in more than 10 countries and regions in Asia, Europe, Oceania, Latin America, and North Africa. Momenta Robotaxi has established partnerships with travel platforms such as Uber, Grab, Lumo, and Xiangdao, as well as car companies such as Mercedes Benz. Currently, it has landed in Asia, Europe, and the Middle East, and plans to launch in multiple new cities and regions around the world this year.
According to the prospectus, Momenta's revenue in 2023, 2024, and 2025 will be 740 million, 1.32 billion, and 2.4 billion, respectively; The gross profit is 130 million yuan, 649 million yuan, and 1.727 billion yuan respectively. Momenta's revenue will increase by 81.8% year-on-year in 2025, tripling in three years, with an average annual compound growth rate of over 80%.
Momenta's revenue from technology development services in 2025 is 1.445 billion, accounting for 59.9%; The revenue from licensing services was 968 million, accounting for 40.1%.
License revenue has become Momenta's revenue growth engine, significantly increasing from 23 million yuan in 2023 to 968 million yuan in 2025, a 42 fold increase in three years. License revenue has the attribute of "high marginal revenue" and will be the key to maintaining high revenue growth for Momenta.
Momenta is expected to become the first profitable company in the industry with adjusted net losses of 1.093 billion yuan, 959 million yuan, and 300 million yuan in 2023, 2024, and 2025, respectively.
By the end of 2025, Momenta's cash reserves exceed 10 billion yuan, providing strong support for accelerating the development of the Robo market and globalization.
The large-scale implementation of R7 world model opens up the valuation ceiling
At present, digital AI is accelerating its transition to physical AI, and the "GPT moment" of physical AI is approaching. The world model, as the core foundation model of physical AI, is considered a key breakthrough in stimulating the "GPT moment" of physical AI. And Momenta's world model will provide a spatiotemporal foundation for physical AI.
Momenta's world model is divided into three levels: the first level is pre training of the world model. By pre training with massive amounts of real driving data, the physical laws, common sense, and causal relationships are compressed into the model to make it understand physics; The second layer is world model simulation. By conducting closed-loop simulation, the model is given a training ground to deduce how the world will evolve when its behavior changes, and to evaluate the performance of long tail scenarios; The third layer involves reinforcement learning in the world model. This is like giving the model a highly realistic coach, allowing the system to move from "imitation learning" to "imagination and exploration", autonomously learning the ability to make optimal decisions in complex games, and outperforming human drivers in extreme scenarios.
The prospectus states that based on the over 12 billion kilometers of actual vehicle mileage brought by mass production business, as well as over 100 million pieces of golden data extracted from it, the Momenta R7 world model can evolve through reinforcement learning training and self game theory, significantly improving its ability in key scenarios. Efficient research and development is the key to achieving breakthroughs in Momenta's world model.
According to the prospectus, Momenta's R&D investment for the full year of 2025 is 1.869 billion yuan, accounting for 77.5% of its annual revenue, with a cumulative R&D investment of 4.66 billion yuan in the past three years. As of the end of 2025, the company has 1157 R&D personnel, accounting for nearly 82% of the total, with over two-thirds holding a master's degree or above.
Analysis suggests that the large-scale implementation of the R7 world model will open the ceiling for Momenta's valuation.
According to data from CIC Insight Consulting, the Robo market is expected to achieve rapid growth in the coming years, opening up trillion dollar market space for leading companies in the industry. By 2030, the global and Chinese markets for Robotaxi will grow to approximately $81.8 billion and $38.1 billion, respectively. The estimated penetration rate of Robotaxi in China is expected to reach 11.9%, higher than the global 5.7%; The global and Chinese market size of Robovan will reach approximately 85 billion US dollars and 53.5 billion US dollars respectively, with market penetration rates of 6.9% and 14.0%; The global and Chinese markets for Robotruck will reach approximately $33 billion and $16.5 billion respectively, with market penetration rates of 0.6% and 1.2%.
Financing exceeding 1.2 billion US dollars by 2025
The executive directors of Momenta are Dr. Cao Xudong, Dr. Xia Yan, Dr. Sun Gang, Ms. Sun Huan, and Ms. An Ren; The non-executive directors are Zhang Jianjun, Wang Xiaoou Fabian Johannes THOMAS； The independent non-executive directors are Feng Heping, Ms. Wei Yu, Li Dong, and Shao Yu.
Since its establishment, Momenta has received multiple rounds of financing, with shareholders including Tencent and Shunwei. In the early stages, Momenta completed the Series A financing led by Shunwei Capital; And angel round financing led by Blue Lake Capital, with co investment from Innovation Works and ZhenFund.
In October 2018, Momenta completed investments from Tencent, China Merchants Capital, Guoxin Capital under Shanghai State owned Assets Management Company, Suzhou Yuanhe Capital, and Jianyin International, with support from NIO Capital, Gundam Capital, and others.
In March 2021, Momenta announced the completion of a Series C financing totaling $500 million. Leading investors include Chinese strategic investor SAIC Group and international strategic investors Toyota and Bosch. Other investors include Temasek and Yunfeng Fund, Mercedes Benz, GGV Jiyuan Capital, Shunwei Capital, Tencent, and Kaihui Fund.
In September 2021, General Motors invested $300 million in Momenta. By 2025, Momenta will have raised over $1.2 billion in Pre IPO financing.
Momenta Industrial Capital encompasses the core players in the global automotive industry chain, including 7 car companies such as SAIC, GM, Mercedes Benz, Toyota, BYD, Hyundai, and Chery, as well as Robo partners such as Uber, Grab, and Stone Venture.
Momenta's technology giants include Tencent, Alibaba Cloud, Ant Group, JD.com, and others. Financial investors cover Temasek IDG、 Oman Investment Authority Granite Asia、 Shunwei, NIO Capital, Yunfeng Fund, Blue Lake Capital, ZhenFund, Dinghui Investment and other investment institutions.
In 2025, Gaorong Venture Capital participated in investing in Momenta. Xin Wang, a partner at Gaorong Venture Capital, said that in recent years, the advancement of end-to-end technology in intelligent driving has brought about a leap forward improvement in the intelligent driving experience, and further promoted the penetration rate of the intelligent driving system market, ushering in a turning point in terms of volume.
In the long run, intelligent driving, especially advanced intelligent driving, will become an absolute standard, just like the communication function of mobile phones. By 2025, the penetration rate of urban NOA solutions in the Chinese market will just exceed 10%, while other overseas regions are still in their infancy, and there will be significant room for growth in the future. ”
Xin Wang stated that when participating in Momenta's financing in 2025, we have great respect for the company in terms of overall revenue and license sector revenue growth rate, coverage of top overseas car companies, as well as overall market share and revenue quality. In addition to L2 business, Momenta's L4 business is also steadily advancing, with opportunities to expand into markets such as Robotaxi, Robovan, Robotruck, etc. Gaorong Venture Capital has full confidence in Momenta's growth ceiling. Therefore, when investing in Momenta, Gaorong Venture Capital only took 2 weeks from meeting and communicating to completing the investment decision.
Prior to IPO, Momenta's equity structure
Before the IPO, Cao Xudong held 7.84% of the shares, Dr. Xia Yan and Dr. Sun Gang each held 2.07%, Ms. Sun Huan held 1.63%, Jia Sibo, Li Jun, Zhu Wangjiang, and Wang Jinwei each held 0.65%, SAIC Motor held 9.45% through ZJSmart Holdings, General Motors held 9.35%, and Mercedes Benz held 6.39%.
After IPO, Momenta's equity structure
After the IPO, Cao Xudong held 7.17% of the shares, Dr. Xia Yan and Dr. Sun Gang held 1.89% each, Ms. Sun Huan held 1.49%, and Jia Sibo, Li Jun, Zhu Wangjiang, and Wang Jinwei held 0.6% each;
SAIC Group holds 8.65% of the shares through ZJSmart Holdings, General Motors holds 8.58%, Mercedes Benz holds 6.13%, other shareholders hold 53.79%, and public shareholders hold 8.01%.
