Momenta Becomes First Physical AI Listed Stock, Shares Rise Over 6% at Opening

July 8, 2026, the global leading physical AI company Momenta officially listed on the Hong Kong Stock Exchange, stock code 6880.HK, becoming the 'first physical AI stock'. Trading was hot at the first-day opening, stock price surged over 6% at open, total market cap broke through 70 billion HKD.

According to the placement results announced by Momenta earlier, the listing price is 295.6 HKD/share. Assuming the 'greenshoe' (oversubscription option) is fully exercised, the global offering is approximately 22.93 million shares, with total fundraising amounting to approximately 6.8 billion HKD. Market subscription response was enthusiastic: public offering part received 414 times oversubscription; international offering part received over 100 billion HKD in institutional orders, covering sovereign funds and long-term funds from 15 countries and regions. Total subscription oversubscription (excluding cornerstone, before greenshoe) reached approximately 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 Funds Group, Abu Dhabi Investment Authority (ADIA), Canada Pension Plan Investment Board (CPPIB), Temasek, Wellington, Schroders, and other top global institutions; at the same time, the all-round optimism from domestic long-term capital further confirms Momenta's core status and strategic value in the domestic market: domestic top long-term private equity, public funds, and insurance capital gathered rarely, forming a solid local capital base. 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 learned that Momenta's IPO this time introduced 14 institutions to form an ultra-luxurious cornerstone investor lineup, with cornerstone subscription total approximately 3 billion HKD (approximately $376 million). The composition of the entire cornerstone investor lineup is rare in the Hong Kong stock market's initial public offerings in recent years: it includes international top long-term funds and sovereign funds focused on ultra-long cycle value growth, as well as industry 'top-spec' strategic investors, and also includes Chinese capital top long-term institutions, fully demonstrating Momenta's scarce status in the HK stock market, having become the 'common choice of global long-term investors'.

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

At the listing ceremony, Momenta CEO Cao Xudong stated: 'Ten years ago, we founded Momenta, just to pursue 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 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 a million lives, ten years to liberate 100% of time, ten years to double logistics and travel efficiency. Today, 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, extending to the next stage of intelligent scenarios, 'In the past ten years, we let AI learn to drive, bringing dedicated drivers to every family; in the next ten years, we will bring service scenarios of robots such as dedicated nannies, doctors, teachers, etc. to every family, creating the 'GPT moment' of physical AI. Hope to write the Oriental Silicon Valley legend together with all Chinese AI companies, embrace the whole world, and also let the whole world embrace Chinese technology.'

Carefully reviewing Momenta's anchor subscription institutions and cornerstone investor list, one can find it has extremely high gold content; every single one is a leader in global finance, industry, and other sub-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 'All-Star' lineups including Fidelity International, BlackRock, Goldman Sachs, JPMorgan, UBS, CIC, etc., fully demonstrating 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 allocated 100 million USD; BlackRock Group invested 25 million USD, Oaktree Capital invested 20 million USD, Franklin Templeton Funds 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. Top Chinese capital long-term private equity, public funds, and insurance capital include China's top private equity funds Gao Yi and Boyu, China's top public funds Huaxia and GF, as well as the leader in long-term insurance capital Pacific Insurance, each investing 10 million USD.

The past investment history of the two leading investors can be described as impressive. Among them, the globally renowned sovereign fund Singapore Government Investment Corporation has invested in a series of globally known tech companies in recent years, including large model leader company Anthropic, TSMC, etc., previously investing in well-known industry leaders such as Alibaba, Meituan, Kuaishou, etc. And the 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 Xuchuang, Cambricon, etc. through its funds via its funds. Choosing to lead the investment in Momenta may mean they have regarded Momenta as one of the core targets in the AI track.

It is worth noting that Mercedes-Benz and BYD also appeared on Momenta's cornerstone list, and joined hands to support. As a benchmark of the global automotive industry and a leader in new energy vehicle companies, Mercedes-Benz and BYD are not only old shareholders of Momenta but also partners. This time, continuing to increase investment as cornerstone and accompanying all the way, fully demonstrating recognition of Momenta's physical AI technology leading advantage and commercial prospects, and further deepening the moat of their strategic cooperation.

Before the IPO, Momenta has already 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 ultra-luxurious and diversified shareholder lineup not only provided strategic and capital support for Momenta, but also helped Momenta achieve high-speed growth from aspects such as 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 takes the world model as the foundation, based on 'data flywheel' technology insights, mass production business (Mass Production) and scalable unmanned business (Scalable Robo) 'two legs' running in parallel, bringing physical AI into real life.

In April this year, Momenta R7 World Model mass production debut, opening the 'chapter of physical AI'. Momenta is committed to building the physical AI foundation platform, supporting mass production of passenger cars, unmanned logistics vehicles (Robovan), autonomous driving trucks (Robotruck), and autonomous driving taxis (Robotaxi), and will also expand 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 'GPT moment', and lead the industry to accelerate towards the 'General Physical AI' era.

Relying on the first-mover advantage in physical AI, world models, and commercialization, Momenta's 'flywheel effect' has fully manifested: the first 100,000 units of mass production in 2022 took 24 months, while now the fastest can complete 100,000 unit delivery in less than 40 days. Currently, the scale of mass production vehicles equipped with Momenta system has broken through 1 million units, successfully delivered over 100 mass production models, cumulative fixed models exceed 210 models. Momenta's customers have covered all domestic mainstream passenger car enterprises, and among the top 10 global car companies, 9 have already carried out cooperation with it.

The prospectus shows that Momenta achieved leapfrog growth in revenue scale in the past three years: from 2023 to 2025, Momenta's operating revenue grew from 743 million yuan to 2.413 billion yuan, tripled in three years, with a compound annual growth rate of over 80%. Among them, the growth of licensing revenue was particularly bright, tripling 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, quadrupling in three years. As of the end of 2025, the company's cash reserves exceeded 10 billion yuan, providing strong support for accelerating Robo market and global development.

In terms of global layout, Momenta's mass production solutions have been implemented in 10 countries and regions including Asia, Europe, Oceania, Latin America, and North Africa. Momenta Robotaxi has established cooperation with global travel platforms such as Uber, Grab, Lumo, Xiangdao Travel, etc., and car companies such as Mercedes-Benz. It has been implemented in Asia, Europe, and the Middle East regions, and plans to implement in many new cities and regions globally this year.

This IPO going to Hong Kong will not only inject strong momentum into Momenta's technology evolution and business expansion, but also set a new benchmark for the capitalization and scaling development of the physical AI industry, becoming an important milestone for global physical AI to shift from theoretical research to commercial implementation. At the same time, the IPO is also expected to further accelerate Momenta's global process, and promote the progress of the global physical AI industry with a 'China solution' in the wave of AI technology going overseas.