Pony AI's $4.55 Billion IPO Targets US Market

Chinese autonomous vehicle startup Pony AI is aiming to raise $260 million through its US IPO on Nasdaq, increasing its target from $224 million, by offering 20 million American depositary shares priced between $11 and $13 each, corresponding to a valuation goal of up to $4.55 billion. This move comes despite a previous valuation reduction from $8 billion to $4 billion. The offering is underwritten by major financial institutions, including Goldman Sachs and BofA Securities. It occurs amidst a competitive landscape and strategic interests from investors like BAIC, with potential regulatory impacts from the Trump administration's policies on Chinese firms. The IPO would make it the second-largest by a China-based company in the US this year, reflecting cautious market reopening amidst geopolitical tensions. Analysts highlight the growth potential of the autonomous driving sector, while noting concerns over safety and national security issues affecting operations in the U.S.