Pony.ai officially listed on Nasdaq. It is the largest IPO in the US autonomous driving sector this year. On November 27, Pony.ai began trading under the ticker “PONY.” After expanding its offering size, the company will issue a total of 23 million American depositary shares at $13 each, if underwriters fully exercise their over-allotment option. This move could raise up to $299 million. Additionally, through a concurrent private placement, Pony.ai will sell about $153.4 million in common stock. This brings the total fundraising amount for the IPO to approximately $452 million.
Pony.ai, a leading player in the domestic autonomous driving sector, focuses on developing virtual drivers for self-driving vehicles. Its main applications include Robotaxi and Robotruck services. Since launching its Robotaxi service in 2018, Pony.ai has obtained regulatory permits for all types of Robotaxi in Beijing, Shanghai, Guangzhou, and Shenzhen. However, Pony.ai faces significant financial losses. According to its prospectus, the company reported revenues of $68.39 million in 2022, $71.90 million in 2023, and $24.72 million in the first half of 2024. During the same periods, net losses reached $148 million, $125 million, and $51.78 million, totaling $324 million over two and a half years. The upcoming IPO aims to provide sufficient funding for Pony.ai’s next phase of development. The company plans to allocate 40% of the raised funds for large-scale commercialization and market expansion of its autonomous driving services. Another 40% will support ongoing research and development of autonomous driving technology. The remaining 20% will go toward potential strategic investments and acquisitions.
Pony.ai is not the first autonomous driving company to list on NASDAQ this year. WeRide went public on NASDAQ on October 25, Eastern Time. It became the “first global publicly traded autonomous driving company.” WeRide priced its IPO at $15.50 per American depositary share, raising over $400 million. Like Pony.ai, WeRide is a key player in the Robotaxi sector. It also develops Robobus, Robovan, Robosweeper, and advanced intelligent driving products. According to its prospectus, WeRide reported revenues of 528 million yuan, 402 million yuan, and 150 million yuan for 2022, 2023, and the first half of 2024, respectively. Its net losses were 1.299 billion yuan, 1.949 billion yuan, and 882 million yuan. Revenue dropped significantly, and net losses widened. As of November 27, 2024, WeRide closed at $17.16 per share, with a total market value of $4.71 billion.