Japan's Turing Targets $10 Billion IPO and a U.S. Office

Japanese self-driving startup Turing is planning a U.S. office and an initial public offering that would value the company at $10 billion, Yahoo Finance reports.

The Tokyo-based company, which develops autonomous driving technology, is pursuing the dual move as it looks to scale beyond its home market. A $10 billion IPO would place Turing among the most valuable technology listings to emerge from Japan's startup ecosystem in recent years.

The planned U.S. office signals Turing's intent to compete directly in the largest and most contested market for autonomous driving. American players including Waymo, Tesla and a wave of venture-backed rivals have spent billions developing self-driving systems, and a physical U.S. presence would give Turing access to that talent pool and testing environment.

For Japan, a $10 billion listing by a homegrown autonomous-driving company would mark a milestone. The country has produced few deeptech startups at that valuation level, and policy makers have pushed for more large-scale technology champions to offset an economy long dominated by established conglomerates.

Turing has not disclosed a timeline for either the IPO or the opening of the U.S. office, according to the report. The $10 billion figure represents the valuation the company is targeting for the listing rather than the amount it expects to raise.

The plan carries clear execution risks. Autonomous driving remains one of the most capital-intensive bets in technology, and several high-profile efforts have stalled or consolidated after burning through funding. A U.S. expansion would also place Turing in direct competition with incumbents that hold years of head start in data, regulation and commercial deployment.

The IPO market for technology companies, meanwhile, remains selective. Investors have rewarded profitable or near-profitable businesses and punished capital-hungry ventures without clear paths to revenue, a hurdle any self-driving startup must clear.

If Turing proceeds on its stated timeline and achieves its target valuation, the listing would test whether public-market investors will underwrite Japanese autonomous-driving ambition at a scale previously reserved for U.S. leaders in the field.