Pony.ai currently operates over 720 robotaxis and plans to expand the fleet to 1,000 units by year-end to reach breakeven.
Pony.ai made its debut on the main board of the Hong Kong Stock Exchange on Nov. 6 under the ticker 2026.
In its Hong Kong IPO, the company exercised its full upsize option, issuing about 48.25 million shares. If the over-allotment option is fully exercised, total proceeds could reach HK$7.7 billion ($990 million), making it the largest autonomous-driving IPO globally in 2025 and the largest fundraising by an AI-related new listing in Hong Kong this year.
The company had already gone public on Nasdaq in November 2024 under the symbol “PONY.” The Hong Kong listing establishes a dual-primary-listing structure across the U.S. and Hong Kong markets.
Notably, on the same day, competitor WeRide (0800.HK) also listed in Hong Kong, becoming another autonomous-driving technology company with dual primary listings in the U.S. and Hong Kong.
Ahead of the debut, disputes emerged over autonomous-driving testing and operating permits. WeRide CFO Li Xuan accused Pony.ai of misrepresentation in investor roadshow materials. Pony.ai has not responded to the allegation.
Pony.ai’s operating revenue rose from $68.386 million in 2022 to $75.025 million in 2024. As of the second quarter of 2025, revenue reached $35.434 million.
Net losses widened from $134 million in 2022 to $154 million in 2024. As of Q2 2025, cumulative losses reached $480 million. Despite commercialization efforts, the company has yet to turn profitable.
Pony.ai currently operates a fleet of more than 1,500 L4-level autonomous vehicles, including over 720 robotaxis. By year-end, it plans to expand its robotaxi fleet to 1,000 units to achieve company-wide breakeven.
As of publication, Pony.ai shares traded at HK$121 ($15.6), down 12.95% from the HK$139 ($17.9) offer price. The stock also slipped below issue price on its Nov. 27 Nasdaq debut, falling 7.69% on the first day.
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