PlusAI to go public in $800M SPAC merger, its third attempt in five years

Autonomous trucking software developer Plus Automation Inc., known as PlusAI, will go public through a merger with Nasdaq-listed special purpose acquisition company Texas Ventures Acquisition III Corp., the companies said Thursday. The deal values PlusAI at about $800 million in pre-money equity value.

The merger is PlusAI’s third attempt to list via SPAC in five years. A 2021 deal with Hennessy Capital Investment Corp. V valued the company at about $3.3 billion but was scrapped six months later. In June 2025, PlusAI announced a $1.2 billion combination with Churchill Capital Corp IX; that agreement was terminated on April 20 of this year. Market conditions were cited in both earlier failures, according to SiliconANGLE.

The transaction could provide PlusAI with roughly $300 million in capital, the companies said, as reported by Reuters and multiple outlets. About $236 million sits in Texas Ventures III’s trust account, though redemptions could reduce that figure. More than $60 million of committed financing is in place. SiliconANGLE reported that the committed financing includes roughly $63.9 million in principal of five-year senior guaranteed convertible notes, netting about $57.5 million, carrying warrants exercisable at $12, alongside roughly $4 million in equity and warrant subscriptions from accredited investors. Funds managed by Yorkville Advisors Global LP, which backs Texas Ventures III, are among the investors. PlusAI said the committed financing satisfies the minimum cash condition to close and funds the business through 2027.

The Santa Clara, California-based company develops SuperDrive, a Level 4 autonomous driving system designed for commercial trucks. Level 4 means the system handles all driving within a defined operating area with no human expected to take over. 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, according to SiliconANGLE.

PlusAI’s current revenue comes from HyperFoundry, a development platform the company built to create and validate its own autonomous systems, which other firms can now license. The platform draws on a decade of accumulated driving data, models and simulation capability, multiple sources reported. That business booked $25 million in revenue this year, and contracted revenue across the company is targeted at $40 million to $50 million for 2026.

The company is already operating autonomous freight routes in Texas with transport companies Ryder System Inc. and International Motors LLC, a brand of TRATON SE. PlusAI has integration agreements with TRATON, Hyundai Motor Co. and Iveco Group N.V. Factory-built trucks with SuperDrive installed are targeted for commercial launch in 2027. TRATON committed up to $25 million in dedicated research funding in January to accelerate factory integration, according to both SiliconANGLE and Transport Topics.

“This transaction validates a year of significant execution and operational milestones for PlusAI,” said David Liu, PlusAI co-founder and CEO, in statements reported by SiliconANGLE and Transport Topics. “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.”

Troy Rillo, chief executive of Texas Ventures III, said conviction in the deal is “reflected in the capital we are committing alongside the transaction,” as reported by SiliconANGLE.

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.

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, according to Reuters.

Separately, securities class action firm Monteverde & Associates PC announced it is investigating the proposed merger related to Texas Ventures Acquisition III Corp. and Plus Automation, Inc. The firm, which describes itself as a national class action securities firm with a track record in trial and appellate courts, encouraged shareholders to contact it for information. That investigation was disclosed via a press release on PRNewswire.

PlusAI’s third attempt comes 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, multiple sources noted. Autonomous truck developers including Aurora Innovation and Torc Robotics are poised to ramp up operations to commercial scale in 2027, Transport Topics reported.