File photo/Zhang Yun (NBD)

Chinese autonomous driving company Pony.ai has successfully listed on NASDAQ under the ticker "PONY," marking a significant milestone as the first Robotaxi stock.

Shares of Pony.ai opened about 15% above their offer price in their market debut on Wednesday, giving the robotaxi company a valuation of $5.25 billion. The company's depositary shares opened at $15 in their Nasdaq debut, compared with the IPO price of $13.

Founded in 2016 by former Baidu autonomous driving division chief architect Peng Jun and Lou Tiancheng, Pony.ai focuses on providing autonomous driving solutions.

The company plans to allocate 40% of the IPO proceeds to the commercialization and market expansion of its autonomous driving mobility and freight services, 40% to the continuous development of autonomous driving technology, and the remaining 20% for potential strategic investments and acquisitions.

Pony.ai has completed seven rounds of financing, raising over $1.3 billion from renowned investors including Sequoia China, IDG Capital, as well as well-known automotive companies like Toyota and FAW Group.

Reports indicate that from 2022 to the first three quarters of 2024, the company's total revenue exceeded $179 million. Notably, its Robotaxi business revenue grew from $68.39 million in 2022 to $71.8 million in 2023. In the first half of 2024, the company's revenue reached $24.72 million, a 101.2% increase compared to the same period last year. For the first three quarters of this year, its Robotaxi service revenue saw a staggering 422.2% year-over-year growth.

This IPO is a testament to Pony.ai's strong growth momentum and its commitment to shaping the future of autonomous driving technology. With the funds raised, the company is poised to accelerate its expansion and innovation in the autonomous driving space.