TuSimple Holdings, which is developing autonomous driving technology for freight trucks, filed on Tuesday with the SEC to raise up to $100 million in an initial public offering. However, this is likely a placeholder for a deal we estimate could raise up to $400 million.
TuSimple has developed a fully integrated software and hardware solution enabling what its believes is the world's most advanced Level 4 (L4) driver-out autonomous semi-truck technology. Hallmarks of its proprietary semi-truck specific technology include 1,000 meter perception range, 35 second planning horizon, high definition maps with accuracy within five centimeters, and an integrated L4 autonomous semi-truck design comprising of a fully redundant sensor suite and components. The company has not recognized a material amount of revenue to date, and it expects to derive substantially all of its revenue from its Autonomous Freight Network, which is still in the early stages of development and commercialization.
The San Diego, CA-based company was founded in 2015 and booked $2 million in revenue for the 12 months ended December 31, 2020. It plans to list on the Nasdaq under the symbol TSP. TuSimple Holdings filed confidentially on December 23, 2020. Morgan Stanley, Citi and J.P. Morgan are the joint bookrunners on the deal. No pricing terms were disclosed.
