Physical AI company Momenta has released its global offering prospectus, officially commencing its initial public offering and planning to list on the Hong Kong Stock Exchange under the stock code "6880", aiming to become the first listed entity in the physical AI sector.

According to the offering plan, Momenta intends to issue a total of 19,938,300 shares globally. The Hong Kong public offering portion comprises 1,993,840 shares, while the international offering portion consists of 17,944,460 shares, representing 10% and 90% of the total offering, respectively. The offering also includes a 15% greenshoe option. The final offer price has been set at HK$295.6 per share. Excluding the potential exercise of the greenshoe option, the total proceeds are expected to be approximately HK$5.89 billion. China International Capital Corporation and Deutsche Bank are acting as the joint sponsors for the offering.

The company has secured a group of 14 cornerstone investors who have committed to subscribe for shares worth approximately HK$3.0 billion (around US$376 million). Leading this group are GIC and Fidelity International, each committing US$100 million. BlackRock has committed US$25 million, Oaktree Capital has committed US$20 million, and Franklin Templeton has committed US$10 million. Strategic industrial investors include leading international and Chinese automakers, with Mercedes-Benz committing US$25 million and BYD committing US$15 million. Supply chain partner GigaDevice has committed US$6 million. Long-term Chinese private equity, public fund, and insurance capital investors include private equity firms Gaoyi Capital and Boyu Capital, public fund managers China Asset Management and GF Fund Management, and long-term insurer Pacific Insurance, each committing US$10 million. Additionally, Suzhou Mosu is also among the cornerstone investors.

The prospectus reveals that Momenta has achieved significant revenue growth over the past three years. From 2023 to 2025, its operating revenue increased from RMB 743 million to RMB 2.413 billion, representing a compound annual growth rate exceeding 80%. Concurrently, the company's gross profit margin has shown consistent improvement, rising from 17.5% in 2023 to 71.6% in 2025.

Benefiting from the continuous growth in revenue and improving gross margins, Momenta has substantially narrowed its losses. Its adjusted annual loss has rapidly decreased to RMB 303 million, bringing it close to breakeven. As of the end of 2025, the company holds cash reserves exceeding RMB 10 billion, providing a solid foundation for accelerating its Robo market initiatives and global expansion.

According to the prospectus, approximately 60% of the net proceeds from the offering will be allocated to research and development to strengthen core technologies and advance next-generation intelligent driving solutions. Around 20% will be used to accelerate the commercialization and scaling of autonomous taxi service solutions. Approximately 10% is earmarked for consolidating the mass-production vehicle solutions business and advancing next-generation product development, with the remaining 10% designated for working capital and general corporate purposes.