On October 18, autonomous driving company Pony.ai submitted its initial public offering (IPO) prospectus to the U.S. Securities and Exchange Commission (SEC), planning to go public on the Nasdaq with the stock code "PONY".
The lead underwriters for this IPO include Goldman Sachs, Bank of America Merrill Lynch, Deutsche Bank, and Huatai Securities. According to public information, Pony.ai received approval from the China Securities Regulatory Commission for overseas listing in April this year, with plans to issue no more than 98.1495 million shares of common stock.
Founded in 2016, Pony.ai is a company focused on autonomous driving solutions, co-founded by former Baidu autonomous driving division members Peng Jun and Lou Tiancheng. Its research centers are located in Silicon Valley, Beijing, Shanghai, and Guangzhou. Since its inception, Pony.ai has completed nine rounds of financing totaling over $1 billion, with the latest round in 2023 valuing the company at $8.5 billion.
In terms of revenue, Pony.ai's main income comes from autonomous ride-hailing services (Robotaxi), autonomous trucks (Robotruck), and technology licensing. The prospectus shows that from 2022 to the first half of 2024, Pony.ai's cumulative revenue exceeded $165 million, with Robotaxi business revenue increasing by 86% in the first half of 2024. Currently, Pony.ai is operating in cities like Beijing, Shanghai, Guangzhou, and Shenzhen, with over 250 driverless taxis in operation, and has begun commercial charging for fully driverless services.
In the field of autonomous trucks, Pony.ai has launched "PonyTron", focusing on the logistics industry, and has entered a small-scale commercial operation phase with annual revenue in the hundreds of millions. Pony.ai has also partnered with companies like Toyota and GAC to promote the development of autonomous driving technology.
As market demand for autonomous driving continues to grow, more related companies are accelerating their IPO processes. Since the beginning of 2023, several autonomous driving companies have initiated IPO proceedings, and supportive industry policies have also created a favorable development environment for these companies.
Key Points:
🌍 Pony.ai has submitted its IPO application to the SEC, planning to list on Nasdaq with the stock code "PONY".
💰 Since its establishment in 2016, Pony.ai has completed 9 rounds of financing, raising over $1 billion in total, with a valuation of $8.5 billion.
🚖 Pony.ai operates over 250 driverless taxis in major Chinese cities, with Robotaxi business revenue increasing by 86% in the first half of 2024.