GIC, Mercedes Back Momenta's US$800M Autonomous Driving IPO
Source: The Business Times
Singapore sovereign wealth fund GIC has joined Mercedes-Benz as a cornerstone investor in Chinese autonomous driving startup Momenta's upcoming Hong Kong IPO, which is targeting up to US$800 million at a valuation of roughly US$9 billion.
Singapore sovereign wealth fund GIC has signed on as a cornerstone investor in Chinese autonomous driving startup Momenta's Hong Kong initial public offering, joining long-time backer Mercedes-Benz in a deal that could raise up to US$800 million. The IPO, which could launch as soon as June 29, would value the Suzhou-based company at approximately US$9 billion post-money, according to people familiar with the matter.
Founded in 2016, Momenta supplies autonomous driving technology for mass-produced vehicles and robotaxi services, counting General Motors and Tencent Holdings among its existing investors. The company confidentially filed for a US IPO in 2024 before pivoting to Hong Kong, joining a wave of Chinese self-driving firms — including Pony AI and WeRide — tapping Asian capital markets to fund research and commercial deployment. Momenta posted a loss of 3.5 billion yuan (S$668 million) on revenue of 2.4 billion yuan in 2025, per its listing prospectus.
Beyond GIC and Mercedes, Fidelity International and BlackRock are also in talks to join as cornerstone investors, with roughly half of the IPO shares set aside for this group. Mercedes, which has held a stake in Momenta since 2017 and plans to continue its strategic collaboration, declined to comment on the IPO specifics. The deal is underwritten by China International Capital Corp and Deutsche Bank.
For GIC, the investment fits a growing pattern of the sovereign wealth fund placing bets on frontier AI and autonomous driving technologies with Asian growth exposure. The fund has previously invested in autonomous driving ventures and AI infrastructure through both direct stakes and fund allocations, adding a Chinese autonomous driving pure-play to a portfolio that increasingly tilts toward deep tech. Momenta's Southeast Asian partnership with Grab also gives the company a regional angle that aligns with GIC's home-market proximity.
Why it matters for Singapore: GIC's cornerstone role in Momenta's IPO underscores Singapore's deepening involvement in autonomous driving technology financing. As Chinese self-driving companies race to commercialise, Singapore's sovereign wealth manager is positioning itself at the intersection of AI mobility and Asian capital markets — a sector where deal flow is expected to accelerate as more autonomous driving startups seek public listings to fund the capital-intensive path to production.