PlusAI goes public via $800M SPAC to fund autonomous trucking launch

PlusAI is merging with Texas Ventures Acquisition III in an $800M SPAC deal, securing up to $300M to fund its autonomous trucking commercialization. The company already operates test routes in Texas with Ryder and International Motors and has generated $25M in revenue from its HyperFoundry AI development platform, positioning it as one of the few autonomous trucking firms with near-term cash flow ahead of a planned 2027 product launch.

PlusAI announced a SPAC merger with Texas Ventures Acquisition III, valuing the company at $800M pre-money equity with up to $300M in capital commitments. The deal includes $60M in fully committed financing from Yorkville Advisors and other investors, plus $236M from the SPAC trust. The transaction is expected to close in 2026.

The Santa Clara-based company operates a dual business model: its SuperDrive platform for SAE Level 4 autonomous trucks and HyperFoundry, an AI development platform that has already generated $25M in revenue. PlusAI is targeting $40–50M in contracted revenue for 2026 and projects a 2027 commercial launch of factory-built autonomous trucks through partnerships with TRATON, Hyundai, and IVECO.

PlusAI currently runs autonomous freight routes in Texas with Ryder and International Motors, gathering operational data to validate its Driver-as-a-Service model. The company positions itself as capital-efficient compared to peers, emphasizing near-term revenue and existing OEM partnerships over pure R&D burn.

This is PlusAI's second SPAC attempt. The company terminated a prior deal with Churchill Capital Corp IX in April 2026. Competitors Kodiak and Einride have also pursued SPAC exits, signaling investor appetite for autonomous trucking firms with demonstrable progress toward commercialization.