Self-driving company TuSimple Inc. released paperwork for its initial public offering on Tuesday that shows it has lost more than $ 300 million in the past three years in the race to be the first to launch fully autonomous long-haul trucks. .
TuSimple had already confidentially filed for an IPO, The Wall Street Journal reported, and Tuesday’s filing offered the public the first detailed look at a startup that has attracted more funding than many of its Silicon Valley counterparts and has maintained operations. divided into California and China.
His connections to China have drawn the attention of US regulators. The Committee on Foreign Investment in the US, 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 beginning in 2017, according to the IPO filing.
TuSimple, which was founded in 2015, has built a workforce of approximately 800 people and has 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, reflecting how it is still in the early stages of business technology development.
So far, TuSimple has made money as a traditional freight forwarder, not by selling its 2024-ready autonomous driving technology. It has customer reserves for more than 5,700 trucks, although those are not equivalent to sales revenue.