Chinese autonomous driving startup Pony AI seeks $4.5 billion valuation
By Bryan Ke
Chinese autonomous driving startup Pony AI is seeking a $4.5 billion valuation as it targets up to $195 million in its U.S. initial public offering (IPO) on Nasdaq.
Pony AI, which is headquartered in Fremont, California, but has operations in Beijing, Shenzhen, Shanghai and Guangzhou, set up 15 million American depositary shares priced between $11 and $13 each, according to its Thursday filing. The company will also receive $153 million worth of shares through concurrent private placements among its investors. Meanwhile, carmaker Beijing Automotive Industry Corporation (BAIC) also indicated its plans to buy $74.9 million worth of shares in the IPO.
The recent valuation comes as Pony AI saw its value take a 50% plunge from $8.5 billion after a funding round in 2022.
Founded in Fremont in 2016, the company, which has backing from Toyota after a $139 million deal signed last year, offers a fleet of 250 robotaxis and 190 robotrucks.
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