Momenta, The First Physical AI Stock, Lists with Opening Surge of Over 6%

July 8, 2026, globally leading Physical AI company Momenta officially listed on the Hong Kong Stock Exchange with stock code 6880.HK, becoming the "First Physical AI Stock". The opening market on the first day was hot, with the stock price surging over 6% at the opening, and the total market cap breaking 70 billion HKD.

According to the placement results previously announced by Momenta, the listing price was 295.6 HKD/share. Assuming the "Green Shoe" (oversubscription option) is fully exercised, this global offering is approximately 22.93 million shares, with total funds raised at approximately 6.8 billion HKD. The market subscription response was enthusiastic: the public offer portion received 414 times oversubscription; the international offering portion received institutional orders exceeding 100 billion HKD, covering sovereign funds and long-term funds from 15 countries and regions. Total oversubscription (excluding cornerstone, before Green Shoe) reached approximately 44 times.

It is reported that Momenta's anchor subscription lineup this time was luxurious, including Singapore Government Investment Corporation (GIC), Fidelity International (Fidelity International), BlackRock Group (BlackRock), Franklin Templeton Fund Group (Franklin Templeton), Abu Dhabi Investment Authority (ADIA), Canada Pension Plan Investment Board (CPPIB), Temasek (Temasek), Wellington (Wellington), Schroders (Schroders), and other global top institutions; at the same time, the all-round optimism of domestic long-term capital further confirmed Momenta's core position and strategic value in the domestic market: domestic top long-term private, public, and insurance capital gathered rarely, forming a solid domestic capital foundation. The long-term capital subscription amount alone exceeded 15 times, showing global long-term investors' confidence in Momenta's long-term value. Additionally, it is understood that Momenta's IPO this time introduced 14 institutions to form a super-luxury cornerstone investor lineup, with total cornerstone subscription at approximately 3 billion HKD (approximately 376 million USD). The composition of the entire cornerstone investor lineup is rare in recent Hong Kong Stock Market IPOs: it includes international top long-term funds and sovereign funds focusing on ultra-long cycle value growth, industry "top-spec" strategic investors, and Chinese capital top long-term institutions, fully highlighting Momenta's scarce status in the Hong Kong Stock Market and becoming the "Common Choice of Global Long-Term Investors".

Just the day before, Momenta announced that its mass production vehicle installation scale has broken 1 million units.

At the listing ceremony, Momenta CEO Cao Xudong stated: "Ten years ago, we founded Momenta, just to follow a simple yet firm mission: Better AI, Better Life. Better AI stems from our curiosity. Obsession and curiosity about artificial intelligence make our lives 'vibrant'. Better Life carries our sense of mission. Believing that the value of technology lies in making people's lives safer, freer, and better. Therefore, we set three ten-year visions: save millions of lives in ten years, free up 100% of time in ten years, and double logistics and travel efficiency in ten years. 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 intelligent scenarios. "In the past ten years, we taught AI to drive, bringing professional drivers to every family; in the next ten years, we will bring service scenarios for professional nannies, doctors, teachers, and other robots to every family, creating the 'GPT Moment' for Physical AI. Hope to work with all Chinese AI companies to write the Oriental Silicon Valley legend, embrace the world, and let the world also embrace Chinese technology."

Carefully reviewing Momenta's anchor subscription institutions and cornerstone investor list, you can find that it has extremely high value, every one is a leader in global finance, industry, and other niche fields.

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 a "all-star roster" including Fidelity International, BlackRock, Goldman Sachs, JPMorgan, UBS, CIC, etc., fully showing 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 led the investment strongly, both receiving an allocation of 100 million USD; BlackRock Group invested 25 million USD, Oaktree Capital invested 20 million USD, Franklin Templeton Fund Group invested 10 million USD. Industry "top-spec" strategic investors include leaders of international and Chinese car companies - Mercedes-Benz and BYD, investing 25 million USD and 15 million USD respectively; industry chain partner GigaDevice invested 6 million USD. Chinese capital top long-term private, public, and insurance capital includes China's top private funds High-Flyer and Boyu, China's top public funds Huaxia and GF, and long-term insurance capital leader Pacific Insurance, each investing 10 million USD.

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

Notably, Mercedes-Benz and BYD also appeared in Momenta's cornerstone list, joining hands to support. As a benchmark of the global automotive industry and leader of new energy vehicle companies, Mercedes-Benz and BYD are both Momenta's old shareholders and partners. This time as cornerstone continuing to add investment and accompanying along the way, it fully reflects recognition of Momenta's physical AI technology leadership advantage and commercial prospects, and further deepens the moat of each other's strategic cooperation.

Before IPO, Momenta has obtained multiple rounds of financing. The shareholder lineup gathered the world's most core industry and technology strategic investors, as well as global top financial investors. The super-luxury, diverse shareholder lineup not only provided strategic and capital support to Momenta but also helped Momenta grow rapidly from aspects of business synergy, user growth, and global layout.

Momenta was founded in 2016 and is a globally leading Physical AI company, committed to creating a better life through breakthrough AI technology. Momenta uses World Model as the foundation, based on "Data Flywheel" technology insights, Mass Production Business (Mass Production) and Scalable Robo Business (Scalable Robo) "two legs" running in parallel, letting Physical AI walk into real life.

This April, Momenta R7 World Model Mass Production Debut, opening the "Physical AI Preface". Momenta is committed to building the foundation platform of Physical AI, supporting passenger cars, autonomous logistics vehicles (Robovan), autonomous trucks (Robotruck), and autonomous taxis (Robotaxi) scaled landing, and will also extend to fields such as robots. As the foundation model of Physical AI, R7 World Model is expected to become the key breakthrough point to stimulate Physical AI's "GPT Moment", and lead the industry to accelerate towards the "General Physical AI" era.

Relying on the first-mover advantage in Physical AI, World Model, and Commercialization, Momenta's "Flywheel Effect" has fully manifested: in 2022, the first 100,000 units mass production took 24 months, now the fastest 100,000 units delivery can be completed in less than 40 days. Currently, the scale of mass-produced vehicles equipped with Momenta system has broken 1 million units, successfully delivered over 100 mass production models, cumulative targeted model count exceeds 210 models. Momenta's customers have covered all domestic mainstream passenger car enterprises, and 9 out of the top 10 global car companies have cooperated with it.

The prospectus shows that Momenta's revenue scale achieved leapfrog growth in the past three years: from 2023 to 2025, Momenta's operating income grew from 743 million CNY to 2.413 billion CNY, tripled in three years, compound annual growth rate exceeds 80%. Among them, licensing revenue growth performance was particularly bright, increasing 42 times in three years. At the same time, Momenta's gross margin continued to rise, from 17.5% in 2023 to 71.6% in 2025, increasing four times in three years. As of the end of 2025, company cash reserves exceeded 10 billion CNY, providing 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 cooperated with global ride-hailing platforms such as Uber, Grab, Lumo, Ridego, and car companies such as Mercedes-Benz, etc. Currently landed in Asia, Europe, and Middle East regions, and plans to land in multiple new cities and regions globally this year.

This Hong Kong IPO will not only inject strong momentum into Momenta's technology evolution and business expansion but also set a new benchmark for the capitalization and scaled development of the Physical AI industry, becoming an important milestone for global Physical AI from theoretical research to commercial landing. At the same time, the IPO is also expected to further accelerate Momenta's globalization process, promoting the progress of the global Physical AI industry with "Chinese Solution" in the wave of AI technology going global.