TuSimple Holdings, which is developing autonomous driving technology for freight trucks, announced terms for its IPO on Wednesday.
The San Diego, CA-based company plans to raise $1.2 billion by offering 33.8 million shares (20% insider) at a price range of $35 to $39. At the midpoint of the proposed range, TuSimple Holdings would command a fully diluted market value of $8.5 billion.
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.
TuSimple Holdings was founded in 2015 and booked $2 million in sales for the 12 months ended December 31, 2020. It plans to list on the Nasdaq under the symbol TSP. Morgan Stanley, Citi and J.P. Morgan are the joint bookrunners on the deal. It is expected to price during the week of April 12, 2021.
