Self-driving company TuSimple Inc. unveiled paperwork for its initial public offering Tuesday showing it has lost more than $300 million over the past three years in the race to be the first to launch fully autonomous long-haul trucks.
TuSimple, one of the largest and best-funded startups in its industry, had already filed confidentially for an initial public offering, The Wall Street Journal reported. The Tuesday filing offered the first detailed look at a startup that has attracted more funding than many of its Silicon Valley counterparts and maintained split operations in California and China.
The company, which was founded in 2015, has amassed a workforce of about 800 and raised hundreds of millions of dollars from investors. Yet its strong ties to Chinese investors have caught the attention of regulators who scrutinize foreign investments in the U.S. TuSimple posted revenue of $1.8 million last year and a net loss of $177.9 million, according to the filing, reflecting how the company is still in the early stages of developing commercially ready technology.
TuSimple has so far earned money hauling freight, not from selling its self-driving technology, and said its technology will be commercially ready in 2024. The company has customer reservations for 5,700 trucks, although those aren’t equivalent to sales revenue.
Write to Heather Somerville at [email protected]
