TuSimple Raises USD 800 Mn in Its IPO

According to caixin.com, on April 7, 2021, TuSimple raised USD 800 million in its IPO, with a valuation range of USD 5 billion. The company was listed in NASDAQ on April 15, 2021, and become the world's "first self-driving stock. According to its prospectus, before the IPO, Tucson attracted more than USD 800 million (about CNY 5.2 billion) of financing and the top investors include UPS, NVIDIA, CDH Investments, and Sina. Morgan Stanley, Citigroup, and JPMorgan Chase are the lead bookkeeping managers of the offering.

In April 2019, TuSimple was selected as one of the first batches of artificial intelligence pilot application 'Ai + transportation' demonstration scenarios in Shanghai, and begin to explore the demonstration operation of Unmanned Container Truck logistics distribution in Shanghai. In July 2020, the company entered into strategic cooperation with Navistar, an American truck manufacturer, to jointly develop L4 class driverless trucks, and will strive for mass production before 2024. In 2021, it carries out the first logistics transportation operation without safety personnel.

Although the company continues to expand, the loss is also expanding year by year. According to the prospectus, in the past three years, the company achieved revenues of USD 9000, USD 710000, and USD 1843000 respectively. Over the past three years, the company's net loss totaled US USD 306.9 million (about CNY 2 billion), which was mainly related to the increase in high R&D expenditure.