Autonomous trucking tech firm Kodiak goes public
Shares down 15% since Sept. 25 debut
Autonomous trucking technology provider Kodiak AI began trading on Nasdaq Sept. 25, and shares have since declined 15.2%.
Mountain View, Calif.-based Kodiak AI trades under KDC more than five months after merging with special purpose acquisition company Ares Acquisition Corp. II (AACT) in a deal that placed its pre-money valuation at $2.5 billion. Fleet operators have logged roughly 3 million combined autonomous miles using Kodiak’s self-driving system, according to the company.
Shares of Kodiak opened at $8.75 on Sept. 25 and fell 13.1% to $7.95 as of market close. Today, shares opened at $8.15 and dropped 9% to $7.42 at market close. It has a market capitalization of $459 million.
Kodiak’s Nasdaq debut comes as the autonomous truck market builds significant momentum, with federal rules and financing models taking shape while OEM investment ramps up.
Read more on autonomous trucking momentum.
AACT shareholders approved the merger on Sept. 23, according to a Sept. 24 Kodiak release. Kodiak received more than $212.5 million from institutional investors, including $145 million in private investment in public equity funds and about $62.9 million in cash as part of the deal.
Going public “marks an important step in Kodiak’s journey to help transform how freight moves by providing our driverless solution to customers,” founder and Chief Executive Don Burnette stated in the Sept. 24 release. Autonomous trucks address growing challenges facing the transportation industry, including “safety risks, rising costs and driver shortages,” he added.
“The Kodiak driver is already on the road, safely and reliably delivering freight every day for paying customers without a human in the cab,” he said. “Our driverless operations show that autonomy is no longer a future promise but a reality today.”
Kodiak and Pittsburgh-based Aurora Innovation are the only publicly traded companies that exclusively focus on self-driving technology for commercial trucks. Santa Clara, Calif.-based PlusAI announced plans to go public earlier this year via merger with special purpose acquisition company Churchill Capital Corp.
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