Self-driving truck firm PlusAI takes third run at listing, this time at $800M

Autonomous trucking software developer Plus Automation Inc., known as PlusAI, announced it will go public through a merger with blank-check company Texas Ventures Acquisition III Corp. at a pre-money equity value of about $800 million. This marks the company’s third attempt at a listing in five years after two prior SPAC deals fell through. The transaction’s boards have approved the agreement unanimously, and closing is expected this year pending shareholder and regulatory approvals.

Previous attempts included a May 2021 agreement with Hennessy Capital Investment Corp. V at a combined valuation of about $3.3 billion, which was scrapped six months later, and a June 2025 deal with Churchill Capital Corp IX valued at $1.2 billion that was terminated on April 20, with market conditions cited as the reason. The current deal is backed by about $236 million in Texas Ventures III’s trust, though redemptions could reduce that figure. An additional $60 million or so is committed, mostly through five-year senior guaranteed convertible notes carrying warrants exercisable at $12, plus about $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 company’s revenue to date comes from HyperFoundry, a development platform it built to create and validate its own autonomous systems, which other firms working on autonomous and robotic products can now license. The platform draws on a decade of accumulated driving data, models and simulation capability. HyperFoundry booked $25 million this year, and contracted revenue across the company is targeted at $40 million to $50 million for 2026.

The company’s self-driving software, called SuperDrive, is built with those same tools and rated Level 4, meaning the system handles all driving within a defined operating area with no human expected to take over. Trucks running SuperDrive 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.

The trucks themselves come from established manufacturers. PlusAI has integration agreements with TRATON SE, Hyundai Motor Co. and Iveco Group N.V., and 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 speed that work along. Chief Executive David Liu said the transaction validates a year of significant execution and operational milestones, noting that the data, models and simulation capability built over the past decade are being monetized now while SuperDrive advances toward launch.

Troy Rillo, chief executive of Texas Ventures III, expressed conviction in the deal, citing the capital his firm is committing alongside the transaction. After closing, existing PlusAI stockholders and the Texas Ventures III sponsor will be subject to lock-ups. The combined company will operate as PlusAI.

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