(Yicai) June 26 -- Major Level 2 Navigate on Autopilot (NOA) solution provider Momenta has filed for a Hong Kong initial public offering, marking the latest step in its listing process.

China International Capital Corporation and Deutsche Bank are acting as joint sponsors for the offering, according to the recently filed prospectus.

Founded in September 2016, Momenta develops AI-powered driver-assistance software (Mass Production) and even more autonomous L4 driving technologies (Scalable Robo). Its commercial products include solutions for self-driving taxi Robotaxi and autonomous commercial van Robovan, with plans to expand into autonomous trucks (Robotruck) by 2027.

The IPO comes as China's urban NOA market approaches an inflection point. China Insights Consultancy expects urban NOA penetration in China to rise from 11 percent in 2025 to 62 percent by 2030, while third-party suppliers' market share is projected to reach about 75 percent. According to the research firm, Momenta holds a 65 percent share of China's third-party urban NOA supplier market by sales.

Expanding Market Opportunity

Momenta is well-positioned to benefit from that growth. CIC forecasts annual sales of urban NOA solutions will increase from 2.6 million units in 2025 to 18.2 million units in 2030, representing a compound annual growth rate of about 48 percent. Momenta and Huawei HI currently account for more than four-fifths of the market.

In the autonomous mobility market, CIC estimates China's robotaxi market will reach about USD38.1 billion by 2030, with penetration rising to around 12 percent. Momenta has formed robotaxi partnerships with ride-hailing platforms Uber, Grab, Xiangdao Chuxing, and carmaker Mercedes-Benz Group across Asia, Europe, and the Middle East, and plans to launch services in multiple new cities globally this year.

As of June, more than 900,000 mass-produced vehicles had been equipped with Momenta's systems. The company has delivered more than 100 vehicle models and secured design wins for over 210 models. It has established partnerships with 24 global automakers, with its mass-production solutions deployed in more than 10 countries and regions across Asia, Europe, Oceania, Latin America, and North Africa.

The company's financial performance also improved markedly as its business scaled. Revenue climbed 82 percent to CNY2.4 billion (USD352.7 million) in 2025 from 2024, while adjusted net losses shrank 69 percent to CNY300 million (USD44.1 million). License revenue jumped to CNY968 million, accounting for more than 40 percent of total revenue, and cash reserves exceeded CNY10 billion (USD1.5 billion) at the end of the year.

AI Push and Global Expansion

On the technology front, Momenta launched its R7 Reinforcement Learning World Model for mass production in April, becoming the world's first third-party autonomous driving company to commercialize a physical artificial intelligence foundation model that learns from real-world driving data to improve vehicle decision-making. The model was trained using more than 120 billion kilometers of real-world driving data and over 100 million data segments. Research and development spending reached CNY1.9 billion in 2025, equaling almost 80 percent of annual revenue.

Momenta said data collected from its mass-production vehicles create a flywheel in which more driving data continuously improves its autonomous driving technology, giving it a key competitive advantage.

Editor: Emmi Laine