PlusAI to go public via $800M SPAC deal for autonomous
Autonomous truck software developer PlusAI is merging with a SPAC, valuing it at $800 million. The company is already generating revenue from its development platform and operating freight routes in Texas ahead of a planned 2027 commercial launch.
PlusAI Inc. Is going public through a merger with special-purpose acquisition company Texas Ventures Acquisition III Corp. The deal values the autonomous truck software developer at $800 million in pre-money equity and is expected to close in 2026.
Founded in 2016, the Santa Clara-based company develops AI-driven virtual driver systems. It is already operating autonomous freight routes in Texas with partners Ryder and International Motors. CEO David Liu stated the transaction validates a year of significant execution.
"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," Liu said.
Commercialization roadmap and revenue
The company is pursuing a dual-track strategy with its two main products. Its HyperFoundry integrated software development platform is already generating revenue. The SuperDrive autonomous driving platform is advancing toward a commercial launch targeted for 2027.
PlusAI reported it has generated $25 million in revenue through HyperFoundry. It is targeting an aggregate of $40 to $50 million in contracted revenue for 2026. The company operates as a software-first business with what it calls an AI-native operating model.
Manufacturing and OEM partnerships
PlusAI is working with global truck manufacturers to integrate its SuperDrive system into factory-built vehicles. Partners include TRATON, Hyundai Motor Co., and IVECO. The company updated its SuperDrive platform in March.
These factory-built self-driving trucks will be made available through the manufacturers' existing sales and service channels. The company says autonomous trucking addresses driver shortages, rising labor costs, and increasing freight demand while improving fleet utilization.
SPAC transaction details
The merger is supported by up to $300 million of capital. This includes more than $60 million of fully committed financing from funds managed by Yorkville Advisors, alongside existing and new investors. It also includes the Texas Ventures Acquisition III trust funding of approximately $236 million.
Texas Ventures III CEO Troy Rillo said the committed financing satisfies the minimum cash condition to close. The company expects the merger to net cash proceeds of up to $236 million, plus the $60 million already committed.
PlusAI plans to use the proceeds to fund its commercialization roadmap, including continued OEM integration work. The boards of both companies have unanimously approved the acquisition, which is subject to customary closing conditions. Upon closing, the combined company will continue to operate under the PlusAI name.
The company previously announced a SPAC deal with Churchill Capital Corp IX in 2025, which it terminated in April 2026.
