PlusAI to go public via $800M SPAC merger in third listing attempt

PlusAI has agreed to go public through a merger with blank-check company Texas Ventures Acquisition III Corp., valuing the autonomous trucking software developer at about $800 million in pre-money equity value, the companies said Thursday.

The deal is PlusAI's third attempt at a listing in five years and arrives as self-driving truck companies move from years of road testing to commercial services, with fleet operators exploring the technology to lower logistics costs and ease driver shortages.

**Capital and deal structure**

The transaction could provide PlusAI with $300 million in capital, including roughly $236 million held in the SPAC's trust account and more than $60 million of committed financing, the companies said. SiliconANGLE reported that the committed financing is mostly five-year senior guaranteed convertible notes with $63.9 million in principal and $57.5 million in net proceeds, carrying warrants exercisable at $12, alongside roughly $4 million in equity and warrant subscriptions from accredited investors. Funds managed by Yorkville Advisors Global, which backs Texas Ventures III, are among the investors.

Redemptions could cut into the trust proceeds, SiliconANGLE noted. PlusAI said the committed financing satisfies the minimum cash condition to close and funds the business through 2027.

"This transaction validates a year of significant execution and operational milestones for 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," said David Liu, PlusAI co-founder and chief executive.

Troy Rillo, chief executive of Texas Ventures III, said conviction in the deal is "reflected in the capital we are committing alongside the transaction."

**A rocky path to the public markets**

PlusAI's previous listing attempts collapsed. In 2021, it agreed to merge with Hennessy Capital Investment Corp. V at a valuation of about $3.3 billion; that combination was dissolved in November 2021, roughly six months after it was announced. In June 2025, the company announced a $1.2 billion combination with SPAC Churchill Capital Corp IX, which it terminated on April 20, citing market conditions, according to SiliconANGLE.

Transport Topics reported the Churchill deal was controlled by former investment banker Michael Klein, whose investment group also took automaker Lucid Motors public. After abandoning that attempt, PlusAI went back to its existing investors for more funds.

TRATON SE committed up to $25 million in dedicated research and development funding at the end of January, according to SiliconANGLE and Transport Topics, with much of the backing aimed at accelerating factory integration of PlusAI's software into TRATON vehicles.

**The business**

PlusAI's revenue to date comes from HyperFoundry, a development platform the company built to create and validate its own autonomous systems and now licenses to other firms working on autonomous and robotic products. The platform booked $25 million this year, and contracted revenue across the company is targeted at $40 million to $50 million for 2026.

Its self-driving software, SuperDrive, is rated Level 4 — a classification meaning the system handles all driving within a defined operating area with no human expected to take over. Trucks running it are hauling freight on routes in Texas with Ryder System Inc. and truck manufacturer International Motors LLC.

PlusAI plans to sell access on a subscription it calls Driver-as-a-Service. At scale, the company estimates the business could produce more than $1 billion in annual recurring revenue, against a trucking industry it sizes at $1.7 trillion, SiliconANGLE reported.

PlusAI has integration agreements with TRATON, Hyundai Motor Co. and Iveco Group N.V., and factory-built trucks with SuperDrive installed are targeted for commercial launch in 2027. Transport Topics reported that PlusAI also aims to begin driverless freight operations without a safety driver in the cab that year. The platform's capabilities were expanded in March with the addition of night driving and construction-zone navigation, and International unveiled initial fleet trials of second-generation autonomous LT Series tractors on March 31, naming Ryder as the first publicly announced participant, according to Transport Topics.

Reuters reported that 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. Transport Topics also noted that peers Aurora Innovation and Torc Robotics are poised to ramp up to commercial scale in 2027, while Tesla aims to expand development of an autonomous version of its Semi Class 8 tractor later this year or early next year.

**Next steps**

Both boards approved the agreement unanimously. Closing is expected this year, subject to shareholder and regulatory approval, after which existing PlusAI stockholders and the Texas Ventures III sponsor will be subject to lock-ups. The combined company will operate as PlusAI.