Autonomous trucking software firm PlusAI to go public in $800 million SPAC deal
TVA•Transaction details and financing
- The transaction could provide PlusAI with $300 million in capital, including more than $60 million of committed financing and roughly $236 million held in the SPAC's trust account, the companies said.
- The Santa Clara, California-based company develops SuperDrive, a Level 4 autonomous driving system designed for commercial trucks, and is targeting a commercial launch in 2027.
- It said its HyperFoundry software development platform has generated $25 million in revenue, while the company overall is targeting $40 million to $50 million in contracted revenue in 2026.
Industry context and current operations
- The deal follows the Nasdaq debut of Swedish electric and autonomous trucking firm Einride in June through a SPAC merger that valued it at about $1.35 billion.
- PlusAI is operating autonomous freight routes in Texas with transport companies Ryder and International, while working with global truck makers to develop factory-built self-driving trucks.
