Dive Brief:
- Plus Automation plans to go public by merging with special purpose acquisition company Churchill Capital Corp IX at a $1.2 billion pre-money valuation, according to a June 5 press release.
- Plus anticipates up to $300 million from the transaction, which would fully fund the virtual driver software firm through the commercial launch of factory-built autonomous trucks in 2027.
- The deal is expected to close in Q4 this year. Following the merger, the combined company will operate as PlusAI.
Dive Insight:
When it comes to startups, Plus holds a unique position — not having any debt, according to the company.
Founded in 2016, the company developed an AI-based self-driving system called SuperDrive. It has since established partnerships with OEMs — including Traton Group, Hyundai and IVECO — who will ultimately build the autonomous trucks powered by its virtual driver software, the release states.
Once the self-driving trucks are on the road, Plus will operate under a “driver-as-a-service” model, creating recurring, per-mile revenue for the business.
“Our long-term vision is to empower fleet operators to run global freight networks with autonomous vehicles that improve safety, enhance efficiency, and reduce costs,” David Liu, co-founder and CEO of Plus said in the release. “We believe the industry is at a critical inflection point, driven by breakthroughs in AI, supportive regulatory momentum, and ecosystem readiness.”
Plus is the second autonomous software firm to announce a SPAC deal in recent months. In April, Kodiak Robotics announced its plans to merge with Ares Acquisition Corp. II, anticipating a $551 million cash infusion from the transaction.
However, Plus claims to have driven more miles than its self-driving software competitors. Per the release, Plus’ autonomous technology has been used for more than 5 million miles of driving, compared to the estimated 2.6 million driven by Kodiak as of Feb. 28.
“After evaluating many opportunities, we knew Plus was the right partner,” said Michael Klein, chairman and CEO of Churchill Capital Corp IX, in the release. “Broad adoption depends on confidence in vehicle performance and safety and Plus stands out with its advanced virtual driver platform and a customer-centric commercialization model led by OEM partners”
Plus is currently conducting public road testing in Texas and Sweden and expects additional customer fleet trials in fall 2025. The company also has operations in its home state of California, as well as Texas and Germany, to support commercialization and development.
