The autonomous company TuSimple Inc. has filed proceedings for its initial public offering on Tuesday showing it has lost more than $ 300 million in the last three years in the race to be the first to launch fully autonomous long-haul trucks.
TuSimple had already requested a IPO in confidence, The Wall Street Journal reported, and Tuesday’s presentation offered the public the first detailed look at a startup that has attracted more funding than many of its Silicon counterparts. Valley and has maintained split operations in California and China.
Its connections in China have caught the attention of US regulators. The U.S. Foreign Investment Committee, or Cfius, has identified TuSimple as a company that deserves a review because of its ties to China and because autonomous driving technology is considered a critical technology for the Department of Defense. Cfius alerted TuSimple this month that it was investigating a Chinese investment in the company from 2017, according to the presentation of the IPO.
TuSimple, which was founded in 2015, has amassed about 800 workers and raised hundreds of millions of dollars from investors. The company posted revenue of $ 1.8 million last year and a net loss of $ 177.9 million, according to the filing, which reflects how it is still in the early stages of commercial technology development.
To date, TuSimple has made money as a traditional freight forwarder, not selling its self-promotional technology ready in 2024. It has customer reservations for more than 5,700 trucks, though not equivalent to sales revenue.