SoftBank-backed robotics firm Coowa has filed for a Hong Kong initial public offering following a funding round that raised more than $600 million, according to a report from the Wall Street Journal citing sources familiar with the matter. The move positions Coowa as a key test case for investor appetite in China's urban robotics sector.
Founded in 2015, the Shanghai-based company initially focused on autonomous driving technology before pivoting to physical AI—machines capable of sensing, moving, and operating in real-world environments. Its product lineup includes wheeled robots, wheel-legged systems, and humanoid-like machines, targeting urban use cases such as shared mobility, manufacturing, and property services.
Coowa has deployed over 10,000 robots across more than 50 cities and regions, generating more than 1 billion yuan in revenue in 2025. The company is currently valued at over $3 billion. This commercial deployment record is a central pillar of its IPO narrative, distinguishing it from many robotics startups still reliant on prototypes.
In addition to SoftBank Group, Coowa's backers include the Asian Infrastructure Investment Bank, lending institutional credibility as robotics fundraising becomes more selective. The company is being advised by Huatai Securities and Deutsche Bank on the listing.
The IPO comes amid a strong window for Hong Kong listings, driven by Chinese technology, AI, and advanced manufacturing companies. Goldman Sachs has forecast approximately $60 billion in Hong Kong IPO fundraising in 2026, nearly double last year's level, according to a report by Moomoo. PwC projects HK$320 billion to HK$350 billion in fundraising this year, supported by high-end manufacturing and tech firms. Kharon analysis indicates that over 85% of Chinese AI-related companies that went public in 2026 chose Hong Kong. So far this year, Hong Kong IPOs and second listings have raised $21.5 billion, more than double the same period in 2025.
For context, NSE Files ₹30,000 Crore IPO Draft, Poised to Become India's Largest Listing highlights the broader global IPO activity, while SoftBank Stock Jumps 13%: Arm, OpenAI, Record Profit, and Son's Vision Fuel Rally underscores the parent company's recent market momentum.
However, the key question for investors is whether Coowa will be valued as a robotics platform or simply as another AI trade beneficiary. Robotics IPOs are drawing attention, but scrutiny is intensifying. Omdia chief analyst Lian Jye Su told CNBC that "embodied intelligence actually hinges on the convergence of AI and robotics," emphasizing that winners need software, data, safety systems, and repeatable deployment models—not just impressive hardware.
Competition is fierce. Ethan Qi, associate director at Counterpoint Research, told Rest of World that there are over 100 humanoid companies in China, and consolidation is expected to reduce that number to a few dozen after the first wave of IPOs. At a valuation exceeding $3 billion, Coowa must demonstrate that its revenue growth can keep pace with market expectations.
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This article is for informational purposes only and does not constitute financial advice.
