The First 'Physical AI' Stock is Here! Momenta Officially Lists, Opens Over 6% Higher

On July 8, 2026, leading global Physical AI company Momenta officially listed on the HKEX with stock code 6880.HK, becoming the 'First Physical AI Stock'. The opening market on the first day was hot, the stock price opened up more than 6%, and the total market cap broke through 70 billion HKD.

According to the placement results announced by Momenta previously, the listing price was 295.6 HKD/share. Assuming the 'Greenshoe' (oversubscription option) is fully exercised, this global offering is about 22.93 million shares, raising a total of about 6.8 billion HKD. Market subscription response was enthusiastic: the public offering part obtained 414 times oversubscription; the international offering part received over 100 billion HKD in institutional orders, covering sovereign funds and long-term funds from 15 countries and regions, totaling subscription excess (excluding cornerstone before greenshoe) reaching about 44 times.

It is reported that Momenta's anchor subscription lineup this time is luxurious, including Singapore Government Investment Corporation (GIC), Fidelity International, BlackRock Group, Franklin Templeton Group, Abu Dhabi Investment Authority (ADIA), Canada Pension Plan Investment Board (CPPIB), Temasek, Wellington, Schroders and other global top institutions; at the same time, the full support of domestic long-term capital further confirms Momenta's core position and strategic value in the domestic market: domestic top long-term private equity, public funds and insurance funds gathered rarely, forming a solid domestic capital foundation. Only long-term fund subscription amount exceeded 15 times, showing confidence of global long-term investors in Momenta's long-term value. Additionally, it is understood that Momenta's IPO introduced 14 institutions to form a super-luxurious cornerstone investor lineup, with cornerstone subscription total of about 3 billion HKD (about 376 million USD). The composition of the entire cornerstone investor lineup is rare in initial public offerings in the HK stock market in recent years: including international top long-term funds and sovereign funds focusing on ultra-long cycle value growth, industrial 'top spec' level strategic investors, and also Chinese top long-term institutions, fully highlighting Momenta's scarcity status in HK stocks, and has become the 'common choice for global long-term capital'.

Just the day before, Momenta announced that the deployment scale of its mass production business has broken through 1 million units.

At the listing ceremony, Momenta CEO Cao Xudong stated: 'Ten years ago, we founded Momenta, just to follow a simple but firm mission: Better AI, Better Life. Better AI stems from our curiosity. The obsession and curiosity about artificial intelligence make our lives 'vibrant'. Better Life carries our sense of mission. Believing the value of technology lies in making people's lives safer, freer, and better. So, we set three ten-year visions: Ten years to save 1 million lives, ten years to liberate 100% of time, ten years to double logistics travel efficiency. Now, we have brought a safer and more reassuring driving experience to over 1 million users.'

When talking about the company's future development direction, Cao Xudong started from the company's past technical accumulation and extended to the next stage of intelligent scenarios: 'In the past ten years, we let AI learn to drive, bringing a dedicated driver to every family; in the next ten years, we will bring dedicated maid, doctor, teacher and other robot service scenarios to every family, creating the 'GPT Moment' of Physical AI. I hope to write the Silicon Valley legend of the East together with all Chinese AI companies, embrace the world, and let the world embrace Chinese technology.'

Carefully looking through Momenta's anchor subscription institutions and cornerstone investor list, one can find its super high gold content, every one is a leader in global finance, industry and other sub-sectors.

For example, sovereign funds focusing on long-cycle value investment gathered Singapore Government Investment Corporation, Abu Dhabi Investment Authority, Canada Pension Plan Investment Board, Temasek, Oman Investment Authority, etc., asset management institutions gathered Fidelity International, BlackRock, Goldman Sachs, JPMorgan Chase, UBS, CICC etc. 'All-Star lineup', fully reflecting the consistent recognition of Momenta's financial performance and long-term value in the Physical AI field.

In the cornerstone list, Singapore Government Investment Corporation and Fidelity International strongly led the investment, both were allocated 100 million USD; BlackRock Group invested 25 million USD, Oaktree Capital invested 20 million USD, Franklin Templeton Group invested 10 million USD. Industrial 'top spec' level strategic investors include leaders of international and Chinese car companies - Mercedes-Benz and BYD, investing 25 million USD and 15 million USD respectively; supply chain partner GigaDevice invested 6 million USD. Chinese top long-term private equity, public funds and insurance funds include Chinese top private equity Gao Yi and Boyu, Chinese top public funds Huaxia and GF, and long-term insurance fund leader Pacific Insurance, each investing 10 million USD.

The past investment history of the two lead investors can be said to be remarkable. Among them, globally well-known sovereign fund Singapore Government Investment Corporation has invested in a series of well-known global tech companies in recent years, including large model leader company Anthropic, TSMC, etc., previously invested in Alibaba, Meituan, Kuaishou and other well-known industry leaders. And global top asset management institution Fidelity International has made long-term investments in Tencent, Alibaba, BYD, CATL, etc., and in recent years has also invested in many AI field leaders such as Zhongji Innolight, Cambricon through its underlying funds. Choosing to lead the investment of Momenta may mean they have viewed Momenta as one of the core targets of the AI track.

It is worth noting that Mercedes-Benz and BYD also appeared in the Momenta cornerstone list and joined hands to support. As a global automotive industry benchmark and new energy vehicle industry leader, Mercedes-Benz and BYD are both old shareholders and partners of Momenta. This time as cornerstone continue to add investment, accompanying all the way, fully reflecting the recognition for Momenta's Physical AI technology leading advantage and commercial prospects, and further deepen the moat of each other's strategic cooperation.

Before the IPO, Momenta has obtained multiple rounds of financing, shareholder lineup gathers the most core industry and tech strategic investors globally, and global top financial investors. Super-luxurious, diversified shareholder lineup not only provided strategic and capital support for Momenta, but also helped Momenta high-speed growth from business synergy, user growth and global layout aspects.

Momenta was established in 2016, is a leading global Physical AI company, committed to creating a better life through breakthrough AI technology. Momenta takes world models as the base, based on 'Data Flywheel' technology insights, mass production business (Mass Production) and scalable robot business (Scalable Robo) 'two legs' parallel, letting Physical AI walk into real life.

This April 2026, Momenta R7 world model mass production launch, opening 'Physical AI Prologue'. Momenta is committed to building the base platform of Physical AI, supporting passenger cars, unmanned logistics vehicles (Robovan), autonomous truck (Robotruck) and autonomous taxi (Robotaxi) scale landing, will also expand to robot and other fields. As the base model of Physical AI, R7 world model is expected to become the key breakthrough to stimulate Physical AI 'GPT Moment', and lead the industry to accelerate towards the era of 'General Physical AI'.

Relying on the first-mover advantage in Physical AI, World Model and Commercialization, Momenta's 'Flywheel Effect' has fully manifested: 2022 first 100,000 units mass production took 24 months, now fastest less than 40 days can complete 100,000 units delivery. Currently, the scale of mass production vehicles equipped with Momenta system has broken through 1 million units, successfully delivered more than 100 mass production models, cumulative fixed point models number more than 210 models. Momenta's customers have covered all mainstream passenger car enterprises in China, and 9 of the world's top 10 car companies have cooperated with it.

Prospectus shows, Momenta revenue scale achieved leapfrog growth in recent three years: 2023 to 2025, Momenta operating revenue grew from 743 million yuan to 2.413 billion yuan, three years tripled, annual compound growth rate over 80%. Among them, licensing revenue growth performance was particularly bright, three years 42 times. At the same time, Momenta's gross margin continued to rise, from 17.5% in 2023 to 71.6% in 2025, three years quadrupled. As of the end of 2025, company cash reserves over 10 billion yuan, provided strong support for accelerating Robo market and global development.

In terms of global layout, Momenta's mass production solution has been landed in more than 10 countries and regions in Asia, Europe, Oceania, Latin America and North Africa. Momenta Robotaxi has established cooperation with global travel platforms such as Uber, Grab, Lumo, Xiangdao Travel and car companies such as Mercedes-Benz, currently landed in Asia, Europe and Middle East regions, and plans to land in multiple new cities and regions globally this year.

This time listing in Hong Kong IPO, not only will inject strong momentum for Momenta technology evolution and business expansion, but also set a new benchmark for Physical AI industry capitalization and scale development, become an important milestone for global Physical AI shifting from theoretical research to business landing. At the same time, IPO also has the potential to further accelerate Momenta's globalization process, promote global Physical AI industry progress with 'Chinese Solution' in AI technology going global wave.