If successful, Pony AI's IPO would become the second-largest by a China-based firm in 2024, following Zeekr's $441 million listing, contributing to a notable 79% increase in IPO proceeds for Chinese companies in the U.S. compared to the previous year.

The company intends to list its shares on the Nasdaq under the ticker symbol 'PONY', marking a significant step in its strategy to scale operations by entering U.S. capital markets.

The company plans to offer 20 million American depositary shares (ADSs) priced between $11 and $13 each, aiming to raise approximately $260 million, which marks an increase from its initial plan to sell 15 million ADSs.

Interest from investors is evident, with two backers, including Chinese carmaker BAIC, expressing intentions to purchase $74.9 million worth of shares, alongside additional agreements for $153.4 million in private placements.

Pony AI currently operates a fleet of 190 robotrucks and 250 robotaxis across major Chinese cities, including Beijing, Guangzhou, Shenzhen, and Shanghai, positioning itself as a competitor in the rapidly growing robotaxi market.

This new fundraising target reflects a significant adjustment from earlier goals, which included a previous aim of $425 million and a revised target of $224 million.

However, some industry experts, including former Waymo CEO John Krafcik, have expressed skepticism about the rationale behind Pony AI's decision to pursue a U.S. listing, given the company's previous challenges.

The decision to pursue a U.S. IPO follows the recent success of WeRide, another Chinese robotaxi firm, which went public on Nasdaq in October 2024, raising $440.5 million and seeing its stock rise by 24.5% since the listing.

Despite market uncertainties, there remains strong interest from U.S. investors in Chinese autonomous vehicle companies, as demonstrated by WeRide's successful IPO.

Pony AI, a Chinese autonomous driving startup, has announced a target valuation of up to $4.55 billion for its upcoming initial public offering (IPO) in the United States, as revealed in a regulatory filing on November 20, 2024.

Pony AI has faced setbacks, including losing its permit to test autonomous vehicles in California in 2022, and has since reduced its minimum expected IPO proceeds from about $8 billion to $4 billion.

The IPO is being underwritten by major financial institutions such as Goldman Sachs, BofA Securities, Deutsche Bank, Huatai Securities, and Tiger Brokers.