Gasgoo Munich-Momenta officially listed on the Hong Kong Stock Exchange on July 8 under the ticker 6880.HK, becoming the first "Physical AI" stock. Shares opened at 301 HKD, gaining more than 6% and pushing the market cap past 70 billion HKD.
The IPO was priced at 295.6 HKD per share, according to placement results released earlier. Assuming the over-allotment option is fully exercised, the global offering totals roughly 22.93 million shares, raising about 6.8 billion HKD.
Image Source: Momenta
Founded in 2016, Momenta aims to improve lives through breakthrough AI technology. Anchored by a world model and driven by "data flywheel" insights, the company runs mass production and scalable autonomous driving businesses in parallel — bringing physical AI into everyday reality.
Leveraging a first-mover edge in physical AI, world models, and commercialization, Momenta's "flywheel effect" is now in full swing. To date, over 1 million mass-produced vehicles are equipped with its systems across more than 100 delivered models and over 210 designated models. The company counts all major domestic passenger car automakers as clients, and 9 of the world's top 10 automakers have already partnered with it.
Globally, Momenta's mass-production solutions have landed in more than 10 countries and regions across Asia, Europe, Oceania, Latin America, and North Africa. Its Robotaxi unit has forged partnerships with global mobility platforms like Uber, Grab, and Lumo, as well as automakers like Mercedes-Benz. Operations are already up and running in Asia, Europe, and the Middle East, with plans to expand into new cities and regions worldwide this year.
Financially, the prospectus reveals a leap in revenue over the past three years: from 743 million yuan in 2023 to 2.413 billion yuan in 2025 — tripling in size with a compound annual growth rate exceeding 80%. Licensing revenue stood out, surging 42-fold over the period. Meanwhile, gross margins climbed steadily, quadrupling from 17.5% in 2023 to 71.6% in 2025.
By the end of 2025, Momenta's cash reserves topped 10 billion yuan, providing a solid foundation to accelerate its push into the Robo market and global expansion.
