Pony AI is targeting a valuation of up to $4.55 billion in its upsized U.S. initial public offering, it said on Wednesday, indicating strong demand for the Chinese robotaxi firm's long-sought New York listing.

Autonomous driving startup Pony AI Inc.’s upcoming US initial public offering will be closely watched, as Donald Trump’s second administration considers moves that could ramp up competition in the sector with China.

Chinese autonomous driving firm Pony AI said on Wednesday it was targeting to raise up to $260 million in its upsized initial public offering in the United States.

Uber Technologies Inc. plans to invest in Pony AI Inc.’s US initial public offering, which is expected to be priced next week after being upsized by the autonomous driving firm, people familiar with the matter said.