PlusAI plans to become publicly traded through a merger with a special purpose acquisition company, or SPAC, a deal that could provide the autonomous-truck technology developer with up to $300 million in new capital.

Plus Automation Inc., known as PlusAI, announced September 3 that it has entered into a definitive business combination agreement with Texas Ventures Acquisition III Corp., a publicly traded SPAC.

The transaction values PlusAI at approximately $800 million before the new investment.

If completed, the deal could provide PlusAI with up to approximately $300 million, including more than $60 million in committed financing and about $236 million currently held in the Texas Ventures III trust.

PlusAI said the funding would support continued integration of its autonomous-driving technology with truck manufacturers and its targeted 2027 commercial launch of factory-built autonomous trucks.

This is PlusAI’s second attempt to reach the public markets through a SPAC merger. The company previously agreed in June 2025 to merge with Churchill Capital Corp IX in a transaction that valued PlusAI at $1.2 billion. The companies terminated that deal by mutual agreement in April 2026, citing market conditions. The new Texas Ventures transaction values PlusAI lower than last year's deal at approximately $800 million before the new investment.

PlusAI Targets Factory-Built Autonomous Trucks

PlusAI is developing its SuperDrive Level 4 autonomous driving system for heavy-duty trucks.

Rather than retrofitting autonomous-driving systems onto existing trucks, the company is working with truck manufacturers to integrate the technology into vehicles at the factory.

PlusAI’s truck-manufacturer partners include Traton Group (it's working with International in the U.S.), Hyundai and IVECO.

The company also is operating autonomous freight routes in Texas with Ryder and International as part of fleet trials intended to provide operational experience ahead of broader commercialization.

PlusAI has described its long-term business model as “Driver-as-a-Service,” with fleets paying recurring fees to use its autonomous-driving software.

“We are operating autonomous freight routes in Texas today, expanding our OEM partnerships, and successfully monetizing the proprietary data, models and simulation capabilities we have built over the past decade,” said PlusAI co-founder and CEO David Liu in a news release.

“HyperFoundry is generating revenue today while SuperDrive advances toward commercial launch in 2027.”

PlusAI Also Generates Revenue From AI Development Platform

While autonomous trucking remains PlusAI’s primary long-term opportunity, as Liu noted, the company also is generating revenue from HyperFoundry. This is the company's software platform for developing, training and testing autonomous-driving AI, using data, models and simulation tools derived from its Level 4 truck program.

It's separate from SuperDrive, which is the autonomous-driving system intended to operate the truck. HyperFoundry is the development platform behind AI systems and also a product PlusAI sells to generate revenue.

PlusAI said HyperFoundry has generated $25 million in revenue and that the company is targeting $40 million to $50 million in contracted revenue in 2026.

The company said revenue from HyperFoundry can help support development of SuperDrive while commercial deployment of autonomous trucks ramps up.

Deal Could Fund PlusAI Through 2027

The proposed transaction includes more than $60 million in committed financing from funds managed by Yorkville Advisors and other new and existing investors.

PlusAI said the financing, combined with the approximately $236 million held by Texas Ventures III, is expected to provide enough capital to support its commercialization efforts through 2027.

The transaction has been approved by the boards of both companies and is expected to close in 2026, subject to shareholder approval and other customary closing conditions.

After the transaction closes, the combined company will continue operating as PlusAI.