Chinese Self-Driving Firm Pony AI Lowers Fundraising Target Ahead of US IPO
Pony AI seeks to raise up to $224 million in a US IPO, significantly down from its original goal. The company operates a growing fleet of robotaxis and robotrucks across major Chinese cities.
Pony AI moves forward with its plans to go public on the Nasdaq, though the Chinese autonomous driving startup continues to lower its fundraising expectations. The company now aims to raise up to $224 million by issuing 15 million American Depository Shares at a price range of $11 to $13 per share. This target falls significantly below its initial goal of $425 million and even drops beneath the $200 million minimum it set just last September.
Despite the reduced valuation target of $4.48 billion, down from an $8.5 billion peak in 2022, Pony maintains a substantial physical footprint. The firm currently operates more than 250 robotaxis across Beijing, Guangzhou, Shenzhen, and Shanghai, alongside a fleet of 190 autonomous trucks in Beijing and Guangzhou. Customers pay for robotaxi fares in all four cities, and the vehicles operate completely without drivers in three of those major markets.
Pony represents the latest in a recent wave of Chinese technology companies returning to the US stock market after a multi-year ban on offshore capital raising. US investors show a growing appetite for these offerings despite geopolitical tensions and impending tariffs, following successful public debuts from Chinese EV maker Zeekr and rival autonomous vehicle startup WeRide earlier this year.