Pony AI, the Chinese autonomous driving company, is gearing up for a historic initial public offering (IPO) on the US stock market. The company is seeking to raise up to $224 million by issuing 15 million American Depository Shares, with the possibility of an additional 2.25 million shares if demand is high.
Pony AI, which was once valued at $8.5 billion following a Series D round in 2022, has seen its target amount for the IPO drop from an initial $425 million to the current range of $165 million to $224 million. The company will list on the Nasdaq under the ticker “PONY.”
The Chinese startup operates a fleet of 190 “robotrucks” in Beijing and Guangzhou, as well as more than 250 robotaxis in four major cities across China. Notably, Pony AI is fully driverless in Beijing, Guangzhou, and Shenzhen, allowing the company to charge for its robotaxi services in those locations.
The impending IPO marks the latest in a series of Chinese companies seeking to go public on the US stock market after a multi-year ban from Beijing on offshore capital raising. Despite growing geopolitical tensions and the possibility of a looming tariff on Chinese imports, US investors appear to have a growing appetite for Chinese technology companies.
Pony AI’s debut follows the successful IPOs of other Chinese autonomous vehicle startups, such as Zeekr, which raised $441 million in its New York Stock Exchange debut in May, and WeRide, which debuted on the Nasdaq in October and raised $440.5 million.
As Pony AI navigates the IPO process, the company’s success will be closely watched as a barometer for the continued interest in Chinese tech companies seeking access to the lucrative US capital markets.
