Pony AI Inc. completed a dual‑primary listing on the Hong Kong Stock Exchange on November 6, 2025, issuing 48.25 million shares and raising approximately HK$7.7 billion (about US$990 million). The offering is the largest IPO in the autonomous‑driving sector for 2025 and the biggest fundraising round among Hong Kong‑listed AI companies this year.
The company’s first‑half 2025 revenue reached US$35.43 million, a 43.3 % year‑over‑year increase, while cumulative net losses climbed to US$480 million. Gross margin fell to 16.6 % in Q1 2025 from 21.0 % in Q1 2024, reflecting a shift toward lower‑margin robotaxi services and higher cost of scaling. Despite the loss, liquidity remains strong and debt is minimal, positioning the firm to fund its expansion.
Proceeds will be directed toward scaling the Gen‑7 robotaxi fleet, which has already seen a 70 % reduction in autonomous‑driving system cost compared with the previous generation, and toward further development of the PonyWorld AI platform. The company also plans to use the capital to expand into new international markets, leveraging its dual‑primary structure to tap both U.S. and Asian capital pools.
The debut was muted, with investors expressing caution amid broader skepticism toward unprofitable autonomous‑driving firms and regulatory uncertainty for Chinese technology companies. The market reaction underscored the challenge of translating a large capital raise into immediate confidence when profitability remains elusive.
Dr. James Peng, founder and CEO, said the company is “on the brink of large‑scale commercialization in autonomous driving” and that short‑term price volatility would not derail its development plans. CTO Tiancheng Lou added that the Hong Kong listing marks a pivotal leap from exploration to full‑scale commercial operations, reinforcing the firm’s commitment to scaling its technology and fleet.
With a clear path to scaling, cost reductions, and a dual‑primary listing that broadens its investor base, Pony AI is positioning itself to accelerate commercialization while navigating the sector’s headwinds. The company’s focus on achieving break‑even vehicle operations by the end of 2025 signals a strategic push toward profitability, even as it continues to invest heavily in growth.
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