Pony.ai files for IPO on Nasdaq

Beijing (Gasgoo)- On October 17, autonomous driving company Pony AI Inc. (Pony.ai) officially submitted its IPO filing to the U.S. Securities and Exchange Commission (SEC), aiming to list on the Nasdaq under the ticker symbol “PONY.” The offering is being underwritten by Goldman Sachs, BofA Securities, Deutsche Bank, and Huatai Securities.

To date, Pony.ai has raised $1.3 billion in funding, with a valuation exceeding $8.5 billion. Earlier this year, the company received approval from the International Cooperation Department of the China Securities Regulatory Commission for its overseas listing, with plans to issue up to 98.1495 million ordinary shares. Market speculation suggests the IPO could raise more than $300 million.

According to its prospectus, Pony.ai's revenue is primarily derived from three segments: Robotaxi services, autonomous freight operations (Robotruck), as well as technology licensing and services.

For the financial periods between 2022 and June 30, 2024, the company reported revenues of $68.39 million, $71.9 million, and $24.72 million, respectively. Notably, revenue from its autonomous ride-hailing services grew by 86% year-on-year in the first half of 2024. Despite continued losses, the company's net loss narrowed from $148 million in 2022 to $125 million in 2023, and $51.78 million in the first half of 2024.

Pony.ai plans to allocate IPO proceeds to scale its autonomous mobility and freight services, invest in R&D, and pursue strategic acquisitions to enhance its technology and ecosystem.