PlusAI, the Santa Clara-based autonomous trucking software company behind SuperDrive, is going public via a business combination with Texas Ventures Acquisition III Corp., a Nasdaq-listed SPAC, at approximately $800 million pre-money equity value. The two sides announced the deal on September 3, 2026.
Up to $300M in fresh capital
The transaction is supported by up to $300 million of capital, including more than $60 million of fully committed financing led by funds managed by Yorkville Advisors Global alongside existing and new investors, and roughly $236 million in the Texas Ventures III trust. Both boards unanimously approved the deal, which is expected to close in 2026. The combined company will continue to trade as PlusAI on Nasdaq.
Real revenue behind the ticker
PlusAI said it has generated $25 million of revenue through its HyperFoundry Physical AI development platform and is targeting $40M-$50M of contracted 2026 revenue. Founded in 2016, the company operates SuperDrive-enabled autonomous freight routes in Texas with Ryder and International Motors and is integrating SuperDrive with TRATON GROUP (Scania, MAN, International), Hyundai and IVECO. Ecosystem partners include NVIDIA, Bosch, Amazon, DSV and Goodyear.
Second SPAC attempt after Churchill
The Texas Ventures deal follows PlusAI's April 2026 termination of an earlier SPAC merger with Churchill Capital Corp IX. CEO David Liu said the new structure combines near-term software revenue with a capital-efficient path to the 2027 commercial launch of factory-built SuperDrive trucks. TxV CEO Troy Rillo said the transaction is backed by additional capital his firm is committing.
Autonomy IPO wave
PlusAI joins a growing bench of autonomy public listings, including XTEND AI Robotics on NYSE via SPAC, Enflame Technology's Shanghai IPO, and Quantinuum's $1.68B IPO. Progress on the SuperDrive stack was previously chronicled in PlusAI's H1 2026 commercial-readiness update.
Reporting based on coverage from The Robot Report, Bloomberg, Trucking Info and PlusAI.