The "First Physical AI" Stock Has Arrived

On July 8, Physical AI company Momenta officially listed on the HKEX, stock code 6880.HK. The stock opened with a gain of over 6% on the first day, with a market cap exceeding HK$70 billion.

According to previously disclosed allocation results, Momenta's issuance price for this round was set at HK$295.6 per share; assuming the overallotment option is fully exercised, the company's global offering scale will reach approximately 22.93 million shares, corresponding to a total fundraising amount of about HK$6.8 billion.

Figure/Momenta

Empowered by the concept of the "First Physical AI Stock," the subscription for this listing reaction was very hot. The public offering part received a 414-times oversubscription. The international offering part attracted institutional orders exceeding HK$100 billion, with investor share coverage covering sovereign funds and long-term funds from 15 countries and regions. Excluding the cornerstone subscription part and without counting the overallotment option quota, the international offering subscription oversubscription multiple is about 44 times.

This IPO introduced 14 cornerstone investors in total, with a combined subscription amount of about HK$3 billion (approximately $376 million), covering global sovereign funds, long-term asset management institutions, industrial investors, and Chinese long-term capital, which is relatively rare in the Hong Kong stock market in recent years.

Among international long-term institutions, the Government of Singapore Investment Corporation (GIC) and Fidelity International were the lead investors, each subscribing $100 million; BlackRock contributed $25 million, while Oaktree Capital and Franklin Templeton contributed $20 million and $10 million respectively. In addition, the Abu Dhabi Investment Authority, Canada Pension Plan Investment Board (CPP Investments), Temasek, Wellington, and Schroders, among other global mainstream institutions, all participated in this subscription.

Industrial investors include Mercedes-Benz Group and BYD, which contributed $25 million and $15 million respectively. As existing shareholders and business partners of Momenta, Mercedes-Benz Group and BYD doubled down on this as cornerstone investors, further binding the cooperative relationship between both parties. Another industry chain partner, GigaDevice, contributed $6 million.

Regarding Chinese long-term institutions, private equity firms such as Highfly and Boyu, mutual funds such as Huaxia Fund and GF Fund, and insurance capital such as Pacific Insurance were all on the cornerstone list.

Compared to Physical AI companies, Momenta's identity label that is more widely known to the outside world is the "Leading Smart Driving Solution Provider".

The company was established in 2016. With World Models as the technical foundation, it promotes mass-produced assisted driving and scaled autonomous driving as two business lines simultaneously. Relevant solutions have landed in multiple scenarios including passenger cars, autonomous logistics vehicles, autonomous heavy trucks, and Robotaxi.

In 2022, Momenta completed its first mass production landing of 100,000 units, taking 24 months. Now, it takes less than 40 days for the company to achieve 100,000 units delivery, and the delivery rhythm continues to accelerate. To date, Momenta systems have been equipped in more than 100 mass-produced vehicle models, with a cumulative designated vehicle quantity exceeding 210 models. 9 out of the top 10 car companies globally have already cooperated with it.

The positive impact brought by scaling is also directly reflected in the company's financial performance. From 2023 to 2025, Momenta's operating revenue grew from RMB 743 million to RMB 2.413 billion, with a CAGR of over 80%; among them, technology licensing revenue grew 42 times over the three years, becoming the core growth driver. Gross margin also significantly increased, from 17.5% in 2023 to 71.6% in 2025. As of the end of 2025, the company's cash reserves exceeded RMB 10 billion.

According to the plan, the funds raised from this IPO will be mainly used for technology R&D, business expansion, and global layout.

Currently, Momenta's mass-produced smart driving solutions have landed in 10+ countries and regions across Asia, Europe, Oceania, Latin America, and North Africa. Robotaxi business is simultaneously promoting a global layout. By cooperating with platforms and enterprises such as Uber, Grab, Xiangdao, and Mercedes-Benz Group, it has entered the Asian, European, and Middle Eastern markets, and plans to further expand its overseas map within the year.

At the listing ceremony, Momenta CEO Cao Xudong stated that for the past ten years the company has focused on letting AI learn to drive, and in the next ten years it will extend to more physical AI scenarios such as services, healthcare, and education. "We believe the value of technology lies in making people's lives safer, freer, and better. Therefore, we set three ten-year visions: ten years to save a million lives, ten years to free 100% of time, ten years to double logistics and travel efficiency."

By the midday close, Momenta reported HK$305.8 per share.