PlusAI to take autonomous trucking public via a SPAC deal
The SPAC transaction puts PlusAI, whose self-driving trucking software is already generating revenue, at about $800 million. The post PlusAI to take autonomous trucking public via a SPAC deal appeared first on The Robot Report.
Overview
PlusAI SuperDrive-enabled autonomous trucks at its testing facility in Fremont, Calif. Source: PlusAI
PlusAI Inc., which has developed AI-based virtual driver software for autonomous trucks, is going public via a merger with Texas Ventures Acquisition III Corp., a special-purpose acquisition company or SPAC.
“This transaction validates a year of significant execution and operational milestones for PlusAI,” stated David Liu, co‑founder and CEO of PlusAI. “We are operating autonomous freight routes in Texas today, expanding our OEM partnerships, and successfully monetizing the proprietary data, models, and simulation capabilities we have built over the past decade.”
Founded in 2016, Plus Automation Inc. said its SuperDrive and HyperFoundry systems accelerate the scalable development and deployment of autonomous vehicles. The Santa Clara, Calif.-based company said it is working with global vehicle makers and ecosystem partners including Scania, NVIDIA, Bosch, DSV, and Goodyear. Fast Company named PlusAI as one of the “world’s most innovative companies.”
“HyperFoundry is generating revenue today, while SuperDrive advances toward commercial launch in 2027,” added Liu. “We believe this combination of near-term revenue, a capital-efficient software business model, and a clear path to large-scale autonomous trucking deployment uniquely positions PlusAI for long-term growth.”
PlusAI operates freight routes on the way to commercialization
“Autonomous trucking addresses driver shortages, rising labor costs, and increasing freight demand while improving utilization and fleet profitability,” said PlusAI. It is already operating autonomous freight routes with Ryder and International Motors in Texas, obtaining real-world validation and operational data.
The company is also working with with global truck manufacturers, including TRATON, Hyundai Motor Co., and IVECO, to advance its commercial launch of trucks integrated with SuperDrive, which it updated in March. The factory-built self-driving trucks will be available through existing manufacturing, sales, and service channels.
PlusAI said it operates as a software-first company with an AI-native operating model and disciplined expense structure. The company has generated $25 million of revenue through its HyperFoundry integrated software development platform. It is targeting an aggregate of $40 to $50 million of contracted revenue in 2026.
The SAE Level 4 SuperDrive platform provides long-term upside through a recurring Driver-as-a-Service model, said PlusAI. The company last month said it is making progress toward commercialization.
SPAC deal to value self-driving company at $800M
PlusAI received financial backing from funds managed by Yorkville Advisors Global LP, a global asset manager that has completed transactions valued at over $9 billion since its founding in 2001. Last year, PlusAI announced a SPAC deal with Churchill Capital Corp IX, which it terminated in April 2026.
Details
“PlusAI pairs real revenue today with a credible path to large-scale deployment, while remaining highly disciplined and capital-efficient,” said Troy Rillo, CEO of Texas Ventures III. “Our conviction is reflected in the capital we are committing alongside the transaction.”
The SPAC merger values PlusAI at $800 million in pre-money equity. It is supported by up to $300 million of capital. That includes more than $60 million of fully committed financing, including funds managed by Yorkville Advisors,. It also includes existing and new investors and the Texas Ventures Acquisition III trust funding of about $236 million.
Texas Ventures III said this committed financing will satisfy the minimum cash condition to close the transaction. The company said it expects the merger to net cash proceeds of up to $236 million, in addition to $60 million of already committed financing.
The acquisition has been unanimously approved by the boards of both PlusAI and Texas Ventures III and is expected to close in 2026, subject to customary closing conditions. Upon closing, the combined company will continue to operate as PlusAI.
Plus AI said it plans to use the proceeds for its commercialization roadmap, including continued OEM integration and the targeted 2027 commercial launch of factory-built autonomous trucks.
Other autonomous trucking companies that have made SPAC deals include Kodiak and Einride.
Editor’s note: Physical AI and enabling technologies will be among the session tracks at RoboBusiness 2026, which will be on Oct. 20 and 21 in Santa Clara, Calif. Register now to attend.
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Source
Originally published at www.therobotreport.com.
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