Momenta Kicks Off IPO: A Milestone for Physical AI

On June 29, 2026, Momenta, a global leader in physical artificial intelligence, filed its global offering prospectus, marking the official launch of its initial public offering. The company plans to list on the Main Board of the Hong Kong Stock Exchange under the stock code “6880”, positioning itself as the first publicly traded company primarily focused on physical AI.

Offering Details and Fundraising Target

According to the prospectus, Momenta intends to offer approximately 19.94 million shares globally. The Hong Kong public offering portion accounts for 10% of the total, while the international offering makes up the remaining 90%. A 15% over-allotment option ("greenshoe") is also in place. The final offer price has been set at HK$295.6 per share. Excluding the greenshoe, the IPO is expected to raise gross proceeds of approximately HK$5.89 billion.

A Star-Studded Cornerstone Investor Lineup

A standout feature of this offering is the formidable group of cornerstone investors. Fourteen institutional investors have agreed to subscribe for shares worth approximately HK$3.0 billion (about US$376 million), providing strong anchoring support.

  • Lead Investors: Singapore's sovereign wealth fund GIC and Fidelity International are the lead cornerstone investors, each allocated US$100 million in shares.
  • Global Asset Managers: BlackRock committed US$25 million, Oaktree Capital US$20 million, and Franklin Templeton US$10 million.
  • Strategic & Industrial Investors: Automotive giants Mercedes-Benz Group and BYD participated as strategic investors, alongside supply chain partner GigaDevice.
  • Leading Chinese Financial Institutions: The cornerstone group also includes top-tier Chinese private equity firms Gaoyi Capital and Boyu Capital, public fund managers China Asset Management and GF Fund Management, and long-term institutional investor China Pacific Insurance.

From Technology to Revenue: Accelerating Commercialization

The prospectus reveals Momenta's impressive financial trajectory. The company's revenue surged from RMB 743 million in 2023 to RMB 2.413 billion in 2025. This represents a more than threefold increase over three years, with a compound annual growth rate exceeding 80%. This growth underscores the rapid commercialization potential of physical AI technologies.

The Core Driver: Mass Production of the R7 World Model

At the heart of this expansion is the R7 World Model, which began mass production in April this year. As a foundational model for physical AI, R7 moves beyond traditional perception or planning modules to create a unified framework that understands and predicts the dynamics of the physical world.

This model is now enabling Momenta's large-scale deployment across several key domains:

  • Passenger Vehicle ADAS: Providing advanced driver-assistance solutions for mass-produced cars.
  • Robotaxi: Powering commercial L4 autonomous ride-hailing services.
  • Robovan: Automating last-mile logistics and delivery.

The company plans to extend its technology to broader applications such as autonomous trucks (Robotruck) in the future. Industry analysts suggest that, much like the “GPT moment” for large language models, the R7 World Model could be the catalyst for an inflection point in physical AI, redefining how machines interact with and operate in the real world.

Momenta's listing is not only a pivotal step for the company but also serves as a significant benchmark for the entire physical AI sector. The combination of elite investor backing, a clear commercialization roadmap, and explosive revenue growth paints a compelling picture of AI's deepening integration into and transformation of physical industries.