Will Argo AI IPO happen in 2022? - Kalkine Media

February 23, 2022 04:21 AM PST | By Rupam Roy
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●     The company announced to open a new development facility in LA, California.
●     This marks the sixth facility of the company.
●     Yisong Yue and Rod Kurihara would serve as the principal scientist and Director of software engineering, respectively, in the new facility.

The electric autonomous vehicle companies have grabbed investors' eyeballs in recent years, as evidenced by the stocks' growth. Meanwhile, the companies that provide their products in the sector also gained traction due to the increasing demands for their services.

Argo AI, the autonomous driving technology firm, appears to be among the trending topics on Wall Street. Recently, the company announced to open a new engineering and developmental office in Los Angeles, California.

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The new facility marks the sixth development facility of the firm after Pittsburgh, Austin, Miami, Seattle, Munich, and Germany.

Argo's European headquarter is based in Munich. Meanwhile, the company is actively hiring in all its facilities, indicating its fast-growing pace.

Argo AI reportedly wants Yisong Yue, a computing and mathematical sciences professor at the California Institute of Technology, to lead the developments as its principal scientist in the new facility in Los Angeles.

In addition to that, Rod Kurihara, who has previously worked in Walt Disney as a studio executive, is expected to join the company's facility in Los Angeles as a director of software engineering.

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Argo AI

Can you invest in the ARGO AI stock?

The company reportedly announced plans to go public last year, and it is expected that Argo AI could go public in 2022. However, it is not certain if the IPO would happen in the US equities markets. 

Meanwhile, some published reports claimed that the Ford Motor Co. and Volkswagen AG-backed self-driving firm said it is working with the investments banks to prepare for its IPO.

It is uncertain if the IPO would happen in 2022 but it seems that the potential investors are actively looking for its plans to debut in the US market.

However, the investors may have to wait until it announces its IPO details or timing, which is expected to happen this year.

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According to a June 2021 report, Ford and Volkswagen hold a 42% ownership interest in each self-driving startup company. In 2020, the company was valued at around US$7 billion after getting an investment of around US$2.6 billion from Germany-based Volkswagen.

Bottom line:

The company was founded in 2016 by its Chief Executive Officer, Bryan Salesky, and President, Peter Rander. Since then, the company has been growing fast, with a current employee strength of more than 1,500 globally, of which around 500 are based in its headquarter facility, Pittsburgh.

The global push towards the autonomous and the EV sector is expected to help gains in the company in the coming days. And the way the autonomous driving startup is expanding its operations reflects its growth potential.

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The company is currently developing Level 4 vehicles for shared fleets that can control most situations independently. However, the drivers may also request controls of the cars.

However, after a flurry of IPOs in the previous year, the pace has subdued this year due to various economic uncertainties. But the pundits have suggested that the IPO market may regain its pace in the coming quarters.

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