On July 8, global physical AI leader Momenta officially listed on the Hong Kong Stock Exchange under the ticker 6880.HK, becoming the "First Physical AI Stock." On its debut, the stock opened over 6% higher, pushing its market capitalization past HK$70 billion.
The IPO was priced at HK$295.6 per share, with a global offering of approximately 22.93 million shares, raising about HK$6.8 billion in total. Market response was extremely strong: the public offering was oversubscribed 414 times, while the international offering received institutional orders exceeding HK$100 billion and was oversubscribed approximately 44 times.
Momenta’s IPO introduced 14 cornerstone investors, forming a "super-luxury" lineup with total subscriptions of approximately HK$3 billion (about $376 million)-
. The lead investors were Singapore’s GIC and Fidelity International, each subscribing $100 million; BlackRock invested $25 million, and Oaktree Capital invested $20 million. Strategic industry investors included **Mercedes‑Benz and BYD**, investing $25 million and $15 million respectively, while GigaDevice invested $6 million. Chinese long-term capital was also well-represented, with top private equity firms (Gaoyi, Boyu), mutual funds (China Asset Management, GF Fund), and insurer CPIC each contributing $10 million.
Founded in 2016, Momenta positions itself as a "builder of foundational models for physical AI". Unlike generative AI, physical AI focuses on understanding real-world physical laws—mass, velocity, inertia—to predict dynamic object behavior, not merely recognize images. In April, its R7 world model entered mass production as a foundational model for physical AI, supporting passenger vehicles, Robotaxis, Robovans, and more.
Commercial traction is strong: the day before listing, Momenta announced that its production business had exceeded 1 million vehicle installations. It covers all major domestic passenger car OEMs and has partnered with 9 of the top 10 global automakers. According to CIC data, Momenta held a 65% market share in China’s third-party urban NOA supplier market from March 2025 to February 2026, ranking first in the industry. Its solutions have been deployed in over 10 countries and regions across Asia, Europe, Oceania, Latin America, and North Africa, while its Robotaxi service has partnered with Uber, Grab, and Lumo.
Financially, from 2023 to 2025, Momenta’s revenue grew from RMB 743 million to RMB 2.413 billion, with a CAGR exceeding 80%; gross margin rose from 17.5% to 71.6%; and cash reserves exceeded RMB 10 billion by end-2025.
At the listing ceremony, CEO Cao Xudong said: "Over the past decade, we taught AI to drive. In the next decade, we will bring dedicated robot services—nannies, doctors, teachers—into every home, ushering in physical AI’s ‘GPT moment.’"
Editor’s Note: Momenta’s listing signals market recognition that "enabling AI to understand the physical world and act safely" deserves its own valuation framework. While generative AI competes in the digital realm, physical AI opens a trillion-dollar market in the real world. The 14-star cornerstone lineup and 414x oversubscription show that global capital now views Momenta as a core AI asset.