Shanghai-based Coowa, a developer of embodied AI robots, is planning to file for a Hong Kong IPO, according to sources cited by the Wall Street Journal. The company intends to submit its application within the next two to three months.
The move comes as Coowa builds on a recent funding round that valued it at $3 billion. That valuation followed the company's latest round, in which it raised $600 million. Embodied AI—robots that can interact with the physical world—has drawn increasing investor interest.
Details on the expected IPO size and timeline remain scarce, as the filing is still in preparation. The company's focus on embodied AI places it in a competitive field alongside other Chinese robotics startups. Coowa has not publicly commented on the report.
Should the listing proceed, it would provide Coowa access to international capital markets, though Hong Kong IPO conditions have been volatile recently. The move also signals confidence in the robotics sector despite broader regulatory headwinds. Investors will watch for valuation adjustments.
Some analysts caution that IPO timelines can slip, and market receptivity remains uncertain. The company's unproven profitability may also raise questions.