PlusAI aims to close $800M Texas Ventures SPAC merger by year‑end
PlusAI expects to finalize its merger with Texas Ventures Acquisition III Corp. before the close of the year, valuing the autonomous trucking developer at $800 million pre‑money. The deal could deliver as much as $300 million in cash to PlusAI, combining over $60 million of committed financing with a SPAC trust of roughly $236 million.
PlusAI’s HyperFoundry development platform generated $25 million in revenue this year and the company is targeting $40 million to $50 million in contracted revenue for 2026. The cash proceeds are expected to fund PlusAI’s operations through 2027, satisfying the deal’s minimum cash condition even if SPAC trust redemptions occur. Through a partnership with TRATON Group, PlusAI will integrate its Level 4 SuperDrive system into trucks sold under the International, Scania, MAN and Volkswagen Truck & Bus brands. Revenue from the SuperDrive system will be earned via a Driver‑as‑a‑Service model, leveraging TRATON’s existing manufacturing, sales and service networks. Liu said the company aims to launch driverless trucks commercially and begin scaling that effort in 2027, calling autonomous trucking the top priority despite the new platform.
“In terms of certainty of this transaction, it has very, very high certainty of closing in the coming months,” David Liu, co‑founder and CEO of PlusAI said.
“We are looking at launching driverless trucks commercially and starting to scale that in 2027,” David Liu, co‑founder and CEO of PlusAI said.
The merger follows PlusAI’s April termination of its deal with Churchill Capital Corp IX, which the company attributed to market conditions.
What we know
PlusAI expects to close its merger with Texas Ventures Acquisition III Corp. by the end of the year.
The deal values PlusAI at an $800 million pre‑money equity value.
The transaction could bring PlusAI up to about $300 million in cash.
PlusAI’s HyperFoundry development platform has generated $25 million in revenue this year.
The company is targeting $40 million to $50 million in contracted revenue for 2026.