Plusai To Go Public In $800 Million SPAC Deal
The transaction could provide PlusAI with up to approximately $300 million in capital, comprising more than $60 million of fully committed financing and approximately $236 million held in the Texas Ventures III trust.
The companies expect the transaction to close in 2026, subject to customary closing conditions. The combined business will continue to operate as PlusAI.
PlusAI says the funding will support its commercialization plans through 2027, when it is targeting the commercial launch of factory-built autonomous trucks equipped with its SuperDrive Level 4 autonomous driving system.
The company is already operating autonomous freight routes in Texas with Ryder and International and is working with truck manufacturers including Traton, Hyundai and Iveco on factory integration of its technology.
PlusAI is pursuing a software-focused model under which its autonomous driving system is integrated into trucks through manufacturers' existing production, sales and service networks. It ultimately plans to generate recurring revenue through what it calls a Driver-as-a-Service model.
David Liu, co-founder and CEO of PlusAI, says:“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.
“HyperFoundry is generating revenue today while SuperDrive advances toward commercial launch in 2027. 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.”
Alongside SuperDrive, PlusAI operates HyperFoundry, an integrated software development platform for developing and validating autonomous and physical AI systems.
The company says HyperFoundry has generated $25 million in revenue and is targeting aggregate contracted revenue of $40 million to $50 million in 2026.
Troy Rillo, CEO of Texas Ventures III, says:“PlusAI is a leader in autonomy and is positioned to provide one of the leading solutions to make autonomous trucking a commercial reality. PlusAI pairs real revenue today with a credible path to large-scale deployment, while remaining highly disciplined and capital-efficient.
“Our conviction is reflected in the capital we are committing alongside the transaction. We are excited to partner with David and the team to bring PlusAI to the public markets.”
The committed financing includes investment from funds managed by Yorkville Advisors alongside new and existing investors.
The boards of PlusAI and Texas Ventures III have unanimously approved the proposed transaction.
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