Pony AI Debuts on Nasdaq with $4.5 Billion Valuation

The Chinese autonomous driving company raised $413 million through its IPO and private placements, but early trading showed mixed performance.

Pony AI, a Chinese autonomous driving technology firm, began trading on the Nasdaq under the ticker 'PONY' at $13 per share, the top of its marketed range.
The company raised $260 million from its IPO and an additional $153 million from private placements, totaling $413 million in proceeds.
Initial trading saw shares rise by 19% early on, but later dropped by as much as 7.7%, reflecting volatile investor sentiment.
Pony AI plans to use the funds to scale up its robotaxi and robotruck services, which operate in major Chinese cities and are in limited testing in the U.S.
The company reported rising revenue but remains unprofitable, with a $52 million net loss in the first half of 2024, down from $70 million the previous year.