Momenta — the “First Physical AI Stock” Officially Lists Today, the “first Physical AI stock” Momenta officially listed on the Hong Kong Stock Exchange. Its opening share price rose more than 6%, making it one of the most talked-about tech IPOs in the Hong Kong market this year. My first reaction was to check its cornerstone investor lineup: 14 institutions joined forces to underwrite it, with total cornerstone subscriptions of approximately HK$3 billion (about US$376 million). The quality of this lineup is rare among recent Hong Kong IPOs. What is “Physical AI”?
Momenta’s core weapon is its world model — the R7 world model, which entered mass production for the first time in April this year. It supports scaled deployment in passenger cars, Robotaxi, and Robovan, and will later expand into Robotruck and embodied intelligence. Simply put: digital AI (such as GPT) competes in text and images, while Physical AI competes in the physical laws of the real world — and this race has only just begun. Supporting this narrative are solid scale metrics: mass-produced vehicles have surpassed 1 million units, with the fastest delivery of 100,000 units completed in under 40 days. The “flywheel effect” is already in motion. Tech companies are often criticized for “high R&D and difficulty in turning a profit,” but Momenta has achieved explosive revenue growth this time, with cash reserves exceeding RMB 10 billion on its books. This breaks the curse and gives it the confidence to meet the allocation standards of top-tier long-term capital. On the capital side: How crazy was this round of subscription?
Both the public offering and international offering saw oversubscription. In the cornerstone list, GIC and Fidelity International led strongly, each investing US$100 million; BlackRock, Oaktree Capital, and Franklin Templeton followed — with Franklin Templeton appearing on a Hong Kong cornerstone list for the first time in history. On the industrial side it is even more solid, with Mercedes-Benz and BYD both increasing their stakes. The domestic camp includes top players such as Gaoyi, Boyu, China Asset Management, GF Fund, and Pacific Insurance, all of which participated. Long-term capital is famously selective in its taste — it wants hard assets that can ride through cycles and have proven commercial models. So many top institutions betting on one company at the same time shows that the market already regards Momenta as a core, unavoidable target in the AI track. In closing
It is uncommon in the Hong Kong market for a company to simultaneously win the unanimous endorsement of sovereign funds, global top asset managers, industrial giants, and Chinese private equity, mutual funds, and insurance capital. Whether the “GPT moment” of Physical AI will truly arrive still needs time to verify, but at least from the capital reaction to this IPO, the market has already cast its judgment with real money. I’ll end by borrowing a line from inside Momenta: “We hope to write the Eastern Silicon Valley legend together with all Chinese AI companies, embrace the world, and let the world embrace China’s technology.” Wishing Momenta — and all friends following this track — the same luck as its stock code: 688, smooth and prosperous! #PhysicalAI# #HongKongIPO# #AutonomousDriving# #Momenta# #EmbodiedIntelligence#