en.Wedoany.com Reported - Momenta listed on the main board of the Hong Kong Stock Exchange on July 8, offering public market investors a new avenue to invest in physical artificial intelligence—AI systems designed to perceive, reason, and take action in the physical world.
Based on an offer price of HK$295.6 (approximately US$37.7) per share, and assuming the over-allotment option is fully exercised, Momenta's global offering comprised approximately 22.93 million shares, raising total proceeds of about HK$6.8 billion (approximately US$867.1 million). The public offering was oversubscribed by over 414 times, while the international offering (excluding cornerstone investors and before exercise of the over-allotment option) was oversubscribed by approximately 44 times. Institutional orders exceeded HK$100 billion (approximately US$12.8 billion), covering sovereign funds and long-term capital from 15 countries and regions.
Momenta's anchor investors include global institutions such as GIC, Fidelity International, BlackRock, Franklin Templeton, Abu Dhabi Investment Authority, Canada Pension Plan Investment Board, Temasek, Wellington, and Schroders. Chinese long-term capital also participated, strengthening the company's positioning in China's intelligent mobility market.
According to Momenta, long-term capital subscriptions exceeded 15 times the offering size. The company also introduced 14 institutions as cornerstone investors, with total cornerstone subscriptions amounting to approximately HK$3 billion (approximately US$382.6 million), or about US$376 million. The investor lineup includes international long-term funds, sovereign wealth funds focused on long-cycle value growth, strategic industry investors, and Chinese long-term institutions.
In his listing speech, Momenta CEO Cao Xudong stated that when founding the company ten years ago, he harbored the mission of "Better AI, Better Life." The company set three ten-year visions: saving one million lives in ten years, fully freeing travel time in ten years, and doubling logistics and mobility efficiency in ten years. He noted that the company has already brought a safer driving experience to over one million users.
Cao Xudong said that the past decade taught AI how to drive, and the next decade will bring dedicated robot service scenarios to every household, including nannies, doctors, and teachers, ushering in the "GPT moment" for physical AI. He expressed hope that, together with all Chinese AI companies, they could write an Eastern legend of Silicon Valley.
Momenta, founded in 2016, describes itself as a builder of physical AI foundation models. In April this year, the company's R7 World Model made its first mass-production debut, marking a step toward the large-scale deployment of physical AI systems. The R7 is a foundation model designed to understand the laws of physics and infer how the world evolves, supporting Momenta's deployments in passenger cars, autonomous delivery vehicles, autonomous trucks, and robotaxis, with plans to expand into robotics.
Momenta positions itself as a platform company, using one large model to support passenger cars, robotaxis, and autonomous delivery vehicles, with plans to expand into autonomous trucks by 2027. Its World Model comprises three tiers: a pre-training stage, where the model compresses physical laws, common sense, and causal relationships into the system through pre-training on large volumes of real driving data; a simulation stage, where the model obtains training environments through closed-loop simulation, allowing it to infer how the world changes with its actions while evaluating performance in long-tail scenarios; and a reinforcement learning stage, where the system transitions from imitation-driven learning to "imagining and learning," learning to make decisions in complex scenarios and improving performance in extreme situations.
Momenta stated that the R7 World Model is based on over 12 billion kilometers of real vehicle mileage generated by its mass-production business, along with over 100 million pieces of golden data extracted from that mileage. The company claims the model can evolve through reinforcement learning and self-play.
In 2025, Momenta's R&D expenditure was RMB 1.869 billion (approximately US$274.8 million), accounting for 77.5% of annual revenue. From 2023 to 2025, cumulative R&D expenditure reached RMB 4.66 billion (approximately US$685.1 million). As of December 31, 2025, Momenta had 1,157 R&D employees, representing nearly 82% of its total workforce, with over two-thirds holding a master's degree or higher.
Momenta has achieved nationwide coverage of map-free Navigate on Autopilot (NOA), a driving assistance feature that operates in urban environments without relying on high-definition maps. The company is also among the first to scale end-to-end large models and reinforcement learning for intelligent driving.
According to data from China Insights Consultancy, Momenta is the first independent solution provider in China to achieve mass-production deployment of urban NOA technology. Among independent urban NOA solution providers in China, the company ranks first in three metrics: vehicle sales equipped with urban NOA solutions in the 12 months ending February 28 this year; cumulative design wins as of February 28; and cumulative number of mass-production models equipped with urban NOA solutions as of February 28. In the 12 months ending February 28, Momenta ranked first globally among independent urban NOA solution providers by urban NOA sales, with a market share of 65%.
The day before its listing, Momenta stated that its mass-production business had deployed over 1 million units. As of December 31, 2025, Momenta had established partnerships with 24 leading global automakers, including nine of the world's top ten automakers: Toyota, General Motors, Mercedes-Benz, BMW Group China, Hyundai (including Kia), Volkswagen, BYD, Honda, and Ford, as well as Chinese automakers including SAIC Motor, GAC Group, Chery, FAW Group, Geely, Great Wall Motor, and Dongfeng Motor.
Momenta's revenue was RMB 743 million (approximately US$109.2 million) in 2023, RMB 1.325 billion (approximately US$194.8 million) in 2024, and RMB 2.413 billion (approximately US$354.8 million) in 2025, representing a compound annual growth rate of over 80%. Licensing revenue grew from RMB 23 million (approximately US$3.4 million) in 2023 to RMB 968 million (approximately US$142.3 million) in 2025. Momenta stated that licensing revenue offers high marginal returns and will be core to sustaining revenue growth.
Momenta's gross margin rose from 17.5% in 2023 to 71.6% in 2025. Adjusted losses narrowed to RMB 303 million (approximately US$44.5 million) in 2025. As of December 31, 2025, Momenta's cash reserves exceeded RMB 10.9 billion (approximately US$1.6 billion), which the company said would support its robotaxi business and global expansion.
