Uber co-founder Kalanick: we're ready for Saudi IPO of Atoms

Travis Kalanick says Atoms is ready for a Saudi stock market listing

Travis Kalanick, the co-founder of Uber and current CEO of robotics and AI company Atoms, has told AGBI that his latest Middle Eastern venture is prepared to list on the Saudi stock market, though no firm timeline is set. Kalanick said an initial attempt to list in Q1 was halted by regional hostilities and that the company is awaiting regulatory clearance from the Capital Markets Authority while continuing to scale operations across Saudi Arabia and the wider region.

“We tried to go public in the Saudi market in Q1, but for obvious reasons – with the conflict, etc – we got to a place where it just wasn’t possible,” Kalanick said. “We’re waiting to see. But the business keeps growing.”

Atoms, unveiled by Kalanick in March, bills itself as focused on “physical automation to transform industry and move the world.” Much of the company’s activity is concentrated in what Kalanick describes as “ecommerce for food,” which spans cloud kitchens, food robotics and autonomous food carriers. He said Atoms already operates a “pretty big business in Saudi on that front.”

• Company: Atoms — robotics and AI, founded and led by Travis Kalanick
• Planned market: Saudi stock market; regulatory permission from the Capital Markets Authority pending
• Previous IPO attempt: Q1 delay attributed to regional conflict
• Regional context: Only two IPOs completed in Saudi Arabia in H1, raising $122 million

Kalanick, who was granted Saudi citizenship in October last year, declined to single out a primary revenue stream among Atoms’ varied activities, which also include autonomous vehicles and mining projects, the latter in partnership with state-owned Maaden. “Never ask a parent who’s his favourite child,” he said when pressed on which division would dominate the business going forward.

The broader Saudi market environment has weighed on listing activity. IPOs across the Gulf have slowed since the outbreak of hostilities earlier this year; new listings in Saudi fell to an eight-year low in the first half of the year as investors sought more stability before committing capital. Only two IPOs were completed in H1, raising just $122 million overall — figures that underline the cautious stance of both issuers and investors.

Atoms’ ambitions remain expansive. Kalanick’s past with Uber — which listed in New York — contrasts with his current preference for a Saudi listing, reflecting a strategic tilt toward the region where Atoms is actively deploying hardware and software. The company’s remit covers consumer-facing food automation as well as industrial automation use cases, including collaborations in mining with Maaden and trials in autonomous vehicles.

Looking ahead, Atoms is proceeding with readiness measures while awaiting formal approval to list. Kalanick’s message to investors and partners was pragmatic: the company will pursue an IPO “when the conditions become favourable.” In the meantime, Atoms is maintaining growth momentum in Saudi Arabia and scaling its multiple business lines as it prepares for a public offering in the kingdom when market and geopolitical conditions allow.