Autonomous trucking company TuSimple Inc., which gained momentum with hundreds of millions of dollars in financing from Chinese investors and U.S. freight-hauling companies, has filed paperwork to go public and plans to join the U.S. stock market as early as next month, according to people familiar with the matter.
The company, which has offices in San Diego and China, has filed confidentially for an IPO and plans to make that filing public in early March and will list its shares for trading a few weeks later, the people said. That schedule is subject to change and market conditions could alter TuSimple’s plans.
Morgan Stanley is the lead banker on the IPO, the people said. TuSimple said it raised $215 million in a 2019 financing round that valued it at $1.2 billion. It has since raised more capital but declined to share its latest valuation. Other financial details about the coming IPO weren’t immediately available.
A spokeswoman for TuSimple declined to comment on the company’s IPO plans.
The IPO filing confirms TuSimple’s intention to pursue a traditional public listing versus merging with a special-purpose acquisition company, or SPAC, which is also known as a blank-check company. Last year, TuSimple considered going public with a SPAC, people with knowledge of the discussions said.