Self-driving firm PlusAI to go public via Yorkville SPAC merger
PlusAI targeting $40 million to $50 million in contracted revenue in 2026
Plus Automation Inc., an artificial-intelligence company developing self-driving technology for trucks, is set to go public through a business combination with a special purpose acquisition company backed by funds managed by Yorkville Advisors Global.
The transaction values Santa Clara, California-based PlusAI at $800 million on an equity basis before the merger with the SPAC, Texas Ventures Acquisition III Corp., according to a statement reviewed by Bloomberg News.
The deal is expected to provide up to about $300 million in capital, mostly from the SPAC’s trust of about $236 million. The deal also includes more than $60 million of fully committed financing, with a significant portion coming from funds managed by Yorkville Advisors, alongside new and existing investors, according to the statement.
Yorkville, a global asset manager that has a stake in Trump Media & Technology Group Corp., has completed transactions with an aggregate value of more than $9 billion since its founding in 2001, according to the statement.
PlusAI is targeting $40 million to $50 million in contracted revenue in 2026, according to the statement.
Last year, PlusAI announced a plan to go public through a merger with another blank-check company, Churchill Capital Corp. IX. The companies said in April they had terminated the deal due to market conditions and the SPAC said it would liquidate in July.
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