Pony AI Debuts on Nasdaq With $5.25 Billion Valuation
Chinese autonomous driving company Pony AI starts trading on the Nasdaq, raising significant capital despite ongoing tensions between the U.S. and China.
Chinese autonomous driving company Pony AI starts trading on the Nasdaq at $15 per share, giving the company a valuation of $5.25 billion. This opening price sits 15% above the company's initial offering price of $13 per share. Pony sells 20 million American depositary shares in its initial public offering to raise $260 million.
Strategic investors also purchase approximately $153 million worth of Pony AI shares through private placements. The deal's underwriters hold an option to buy an additional 3 million shares. If the underwriters exercise this option in full, Pony's total proceeds from the public debut reach up to $452.4 million.
Pony follows in the footsteps of WeRide and Zeekr as the latest Chinese tech company to enter the U.S. public market despite a de facto ban from Beijing. Investors watch Pony's market performance closely as both the United States and China compete fiercely for dominance in autonomous vehicle technology.