PlusAI, a developer of self-driving software for heavy trucks, is heading to the public markets through a SPAC merger. The deal with Texas Ventures Acquisition III values the business at about $800M pre-money, and the combined company will trade on Nasdaq under the PlusAI name.
Closing would hand PlusAI as much as $300M. Around $236M of that sits in the SPAC’s trust account, and more than $60M arrives as fully committed financing led by Yorkville Advisors funds with support from new and existing backers. The company says the money extends its runway through 2027.
Directors of both companies approved the transaction unanimously, with closing expected in 2026 subject to customary conditions. Stockholders, the SPAC sponsor, and insiders will be bound by lock-up agreements afterward.
PlusAI operates as Plus Automation Inc. The SPAC route gives it a faster path to public capital than a traditional IPO, with the trust account cushioning the market risk that has bruised recent listings.
