PlusAI’s road to the public markets keeps getting cheaper. The autonomous trucking software developer has agreed to go public through a merger with blank-check firm Texas Ventures Acquisition III at about $800M pre-money, its third listing attempt in five years.
Two earlier SPAC combinations fell apart. Hennessy Capital agreed in 2021 to take the company public near $3.3B and backed out six months later, while Churchill Capital IX walked away from a $1.2B deal in April, blaming market conditions.
The vehicle backing this run carries roughly $236M in trust plus about $60M in committed financing, mostly five-year senior guaranteed convertible notes with warrants exercisable at $12. Funds managed by Yorkville Advisors, the SPAC’s backer, are among the investors, and PlusAI says the package meets the minimum cash condition to close and funds operations through 2027.
Today’s sales come from HyperFoundry, a toolkit PlusAI built to design and test its own driving stack and now licenses to outside robotics teams. The unit has banked $25M in 2026 so far, and company-wide contracted revenue is pegged at $40M to $50M for the full year.
The company’s SuperDrive autonomy software, rated Level 4, is already moving freight in Texas inside trucks operated with Ryder and International Motors. PlusAI intends to sell it as a Driver-as-a-Service subscription, a model it says could top $1B in yearly recurring revenue, and aims to have factory-built SuperDrive trucks from TRATON, Hyundai and Iveco on sale in 2027.
