Hearty congratulations to Momenta on its successful Hong Kong IPO! Becoming the "First Physical AI Stock" | Gaorong News

On July 8, 2026, Momenta, a global leader in physical AI, officially listed on the main board of the Hong Kong Stock Exchange under the ticker 06880.HK, becoming the "first physical AI stock."

Based on an issue price of HK$295.6 per share, and assuming full exercise of the "greenshoe" (over-allotment option), Momenta's global offering comprised approximately 22.93 million shares, raising total proceeds of roughly HK$6.8 billion. The public offering tranche was 413.63 times oversubscribed; the international placing tranche received institutional orders exceeding HK$100 billion, covering sovereign and long-only funds from 15 countries and regions, with total oversubscription (excluding cornerstone investors, pre-greenshoe) reaching approximately 44 times.

In 2025, Gaorong Ventures participated as a key investor in Momenta.

Leading with a World Model

Triggering Physical AI's "GPT Moment"

Founded in 2016, Momenta is a global leader in physical AI dedicated to creating a better life through breakthrough AI technology. Built on its world model and powered by a "data flywheel" technical insight, Momenta pursues two parallel tracks — Mass Production and Scalable Robo — bringing physical AI into real-world applications.

Today, digital AI is accelerating its leap toward physical AI, and physical AI's "GPT moment" is approaching. The world model, as the core foundation model of physical AI, is seen as the critical breakthrough to trigger this moment. Momenta's world model will provide the spatiotemporal foundation for physical AI.

In April of this year, Momenta's R7 World Model debuted in mass production. As a physical AI foundation model, it supports Momenta's scaled deployment across passenger vehicles, robotaxis, and robovans, with future expansion planned into robotrucks and embodied intelligence.

"Flywheel Effect" in Full Swing

Revenue Scaling Exponentially

Leveraging its first-mover advantages in physical AI, world models, and commercialization, Momenta's "flywheel effect" is now fully evident: its first 100,000 mass-production units took 24 months in 2022, while today it can deliver 100,000 units in under 40 days at its fastest pace.

Momenta-equipped vehicles have now surpassed 1 million units in mass production, with customers covering all major domestic passenger vehicle OEMs. Among the world's top 10 automakers by sales, nine have established partnerships with Momenta, making it "the common choice of global brands." According to CIC Consulting, from March 2025 to February 2026, Momenta held a 65% market share in China's third-party urban NOA (Navigate on Autopilot) supplier market, ranking first in the industry.

The prospectus shows Momenta's revenue has grown exponentially over the past three years: from 2023 to 2025, operating revenue climbed from 743 million yuan to 2.413 billion yuan, tripling in three years with a compound annual growth rate exceeding 80%. Notably, Momenta's revenue consists primarily of technology development income and licensing income, with licensing income showing particularly striking growth — surging from 23 million yuan in 2023 to 968 million yuan in 2025, a 42-fold increase in three years.

Building the Physical AI Foundation Model

Continuously Defining Industry's Highest Standard

Momenta's world model operates on three levels. First, world model pre-training: by pre-training on massive amounts of real-world driving data, physical laws, common sense, and causal relationships are compressed into the model, enabling it to understand physics. Second, world model simulation: through closed-loop simulation, the model gains a training ground to project how the world will evolve in response to its own actions, with performance evaluated on long-tail scenarios. Third, reinforcement learning within the world model: this is akin to giving the model a coach in a highly realistic "real world," moving the system from "imitation learning" toward "imagination and exploration," autonomously acquiring the ability to make optimal decisions in complex game-theoretic interactions, thereby outperforming human drivers in extreme scenarios.

Drawing on over 12 billion kilometers of real-world driving mileage from its mass production business, and more than 100 million segments of golden data refined from it, Momenta's R7 World Model can evolve through self-play via reinforcement learning training, with substantially improved capabilities in critical scenarios.

Behind this leading model, Momenta continues to reinforce its technical leadership through substantial R&D investment: in 2025, R&D spending reached 1.869 billion yuan, representing 77.5% of annual revenue, with cumulative R&D investment over the past three years totaling 4.66 billion yuan. As of year-end 2025, the company employed 1,157 R&D staff, accounting for nearly 82% of headcount, with over two-thirds holding master's degrees or higher.

This high R&D investment and talent density have enabled Momenta to become the world's first third-party intelligent driving company to achieve nationwide coverage of mapless urban NOA, the first to mass-produce end-to-end large models, and the first to mass-produce reinforcement learning. Its world model was also the industry's first to achieve mass production deployment, comprehensively establishing its leading position and continuously defining the industry's highest standards.

Accelerating Global Expansion

Together Toward a Vast Physical AI Future

On the globalization front, Momenta's mass production solutions have already landed in over 10 countries and regions across Asia, Europe, Oceania, Latin America, and North Africa. Momenta Robotaxi has established partnerships with global mobility platforms including Uber, Grab, Lumo, and Xiangdao Chuxing, as well as automakers such as Mercedes-Benz. It is currently operational in Asia, Europe, and the Middle East, with plans to launch in multiple new cities and regions globally this year.

This Hong Kong listing is expected to further accelerate Momenta's globalization, advancing the global physical AI industry with a "China solution" amid the wave of AI technology going global.

Wang Xin, Partner at Gaorong Ventures, commented: "We warmly congratulate Momenta on its successful listing in Hong Kong! This moment represents both the best reward for the team's years of commitment to its technical vision and customer-centric philosophy, and a major milestone for China's intelligent driving industry, especially high-end intelligent driving. Looking back, Momenta has forged a mature closed-loop data flywheel, leading large-scale commercial capabilities at home and abroad, and mass engineering delivery capabilities through million-unit system deployments — forming a deep competitive moat. Standing at this new starting point, Momenta is also leveraging its leading world model to accelerate physical AI's transition from technology R&D to real-world application, expanding into boundless new scenarios including L4 autonomous vehicles and embodied intelligence. We look forward to and believe that under Xudong Cao's leadership, the Momenta team will continue to build world-class foundation models on the physical AI journey and become a company with global influence."

In both digital AI and physical AI, Gaorong Ventures has built a portfolio spanning multiple companies including Moonshot AI, Momenta (06880.HK), Neolix, Nuro, KargoBot, Yanyu Technology, Kunlun Robotics, Simplexity Robotics, Moqi Intelligence, and YuanCe Future.