Pony AI is inching closer to an initial public offering in the U.S., even as the minimum amount it hopes to raise in the deal continues to be lowered.
Pony operates 190 “robot trucks” in Beijing and Guangzhou, and more than 250 robot taxis in Beijing, Guangzhou, Shenzhen and Shanghai. The company told TechCrunch that robotaxis can be charged in all four cities, and are completely driverless in Beijing, Guangzhou, and Shenzhen.
The Chinese self-driving technology company said in a Thursday filing that it plans to issue 15 million American depositary shares, with the possibility of issuing an additional 2.25 million shares if demand is strong, at an expected price per share. He said it was between $11 and $13. At $13, the company would be worth $4.48 billion based on the 344.9 million shares outstanding immediately after the public offering.
After the 2022 Series D round, in which Toyota also participated, Pony's valuation reached $8.5 billion at one point.
Based on the company's expected price range, Pony could expect to earn up to $224 million from the deal, which is well below its initial target of $425 million. However, the company will raise at least $165 million, which is also well below the $200 million minimum set in September.
Pony's debut is the latest in a series of Chinese companies to list on the U.S. stock market following a years-long ban on offshore capital raising by the Chinese government. Despite rising geopolitical tensions and looming tariffs on all Chinese imports, U.S. investors appear to have increased appetite for Chinese technology companies.
In the automotive space, Pony follows Chinese EV startup Zeekr. Zeekr went public on the New York Stock Exchange in May with total revenue of $441 million.
WeRide, another self-driving car startup, also went public on the Nasdaq in October, raising $440.5 million in an IPO and private placement.
Pony will be listed on the Nasdaq under the ticker “PONY.”