PlusAI Nears $800M Texas Ventures Merger by Year-End

PlusAI targets year-end close on $800M Texas Ventures SPAC

Autonomous trucking developer PlusAI expects to complete its merger with Texas Ventures Acquisition III Corp. by the end of the year, co-founder and CEO David Liu told FreightWaves.

The transaction, announced Sept. 3, values PlusAI at approximately $800 million before new capital. If completed, the combined company will operate as PlusAI and is expected to list on the Nasdaq exchange. Both companies’ boards approved the agreement unanimously.

The merger could provide PlusAI with up to about $300 million in capital. That figure includes more than $60 million in committed financing and approximately $236 million held in Texas Ventures’ SPAC trust account.

PlusAI will not necessarily receive all of the trust money. The amount available at closing will depend on how many Texas Ventures shareholders redeem their shares rather than participate in the merger, Liu said. The committed financing alone satisfies the transaction’s minimum cash requirement, according to documents filed with the Securities and Exchange Commission.

Funds managed by Yorkville Advisors, the SPAC’s financial backer, provided a significant portion of the committed financing, alongside new and existing PlusAI investors. The company expects the committed funds to support operations through 2027, when it is targeting the commercial launch of factory-built autonomous trucks.

“In terms of certainty of this transaction, it has very, very high certainty of closing in the coming months,” Liu said.

The agreement follows PlusAI’s decision in April to terminate a previous merger agreement with Churchill Capital Corp. IX. The company attributed that decision to market conditions. A public listing through Texas Ventures would give PlusAI access to a broader pool of investors, Liu said.

Commercial launch targeted for 2027

PlusAI is developing SuperDrive, a Level 4 autonomous driving system designed for commercial trucks. Level 4 systems are intended to operate without a human driver within defined operating conditions and service areas.

SuperDrive is not yet being sold commercially. PlusAI’s plan is to install the system on factory-built trucks through original equipment manufacturing partners, rather than rely solely on aftermarket conversions. The company expects those partners’ manufacturing, sales and service networks to support deployment.

TRATON Group is PlusAI’s primary OEM distribution partner. TRATON’s brands include International, Scania, MAN and Volkswagen Truck & Bus. PlusAI also identifies Hyundai and IVECO as partners in its SEC filing.

The company plans to generate recurring revenue through a Driver-as-a-Service model. For trucking fleets, that approach could mean purchasing transportation capacity or autonomous driving capability as an ongoing service rather than acquiring and maintaining all of the technology independently. The structure and pricing of any commercial offering have not been detailed in the information provided.

PlusAI currently runs daily commercial pilot operations in Texas with International and Ryder, according to Liu. The company expects to add more fleet customers to the program in the coming months.

For professional drivers, the planned rollout reflects a broader shift in autonomous trucking. Developers are moving from extended road testing toward limited commercial operations, while fleets continue to evaluate whether automated systems can address operating costs, utilization and driver shortages. The technology’s commercial impact will depend on where it can be deployed safely, how fleets integrate it into existing operations and how regulators and customers respond.

Software business provides current revenue

PlusAI’s revenue today comes primarily from HyperFoundry, a software platform used to develop and validate autonomous systems. The company said HyperFoundry generated $25 million in revenue year to date and is targeting $40 million to $50 million in contracted revenue for 2026.

The company distinguishes that target from recognized revenue. Contracted revenue represents business commitments that may be delivered and recognized over time, rather than revenue already recorded in financial statements.

HyperFoundry includes a data factory, a model factory and SimVerse, a simulation and verification environment. PlusAI initially developed the tools for its own autonomous driving system and now offers them to traditional engineering and equipment manufacturers working to add software intelligence to their products.

Liu said autonomous trucking remains PlusAI’s primary focus because of commitments to customers and partners. The company is continuing to develop HyperFoundry selectively while working toward its planned 2027 launch.

The proposed SPAC merger is intended to provide the funding runway for that effort. Its completion remains subject to shareholder approval, redemption levels and other customary closing conditions. The transaction documents identify closing as expected in 2026, while Liu has said the company is targeting completion by year-end.