PlusAI to go public via $800 million SPAC merger

PlusAI, a developer of AI-based virtual driver software for autonomous trucks, has entered into a definitive business combination agreement with Texas Ventures Acquisition III Corp. The deal values the company at an $800 million pre-money equity value. Upon completion of the merger, which is expected to close in 2026, the combined entity will be publicly listed as PlusAI.

The transaction is supported by approximately $300 million in capital, including $236 million from the Texas Ventures III trust and over $60 million in committed financing, which includes investment from funds managed by Yorkville Advisors. PlusAI intends to use the funds to support its commercialization roadmap through 2027, specifically for OEM integration and the commercial launch of factory-built autonomous trucks featuring its SuperDrive software.

Currently, PlusAI is operating autonomous freight routes in Texas in partnership with Ryder and International Motors. The company is also collaborating with various global vehicle manufacturers, including TRATON, Hyundai, and IVECO. PlusAI’s HyperFoundry platform has already generated $25 million in revenue, and the company is targeting between $40 million and $50 million in contracted revenue for 2026.