PlusAI to Go Public via Texas Ventures Merger

PlusAI, a developer of autonomous trucking software, will go public through a merger with the blank-check firm Texas Ventures Acquisition III Corp. The deal assigns PlusAI a pre-money equity value of approximately $800 million and is expected to provide the company with $300 million in capital. This funding includes $236 million from the SPAC trust account and more than $60 million in committed financing.

Based in Santa Clara, California, the company develops the SuperDrive Level 4 autonomous driving system and aims for a commercial launch in 2027. PlusAI currently operates autonomous freight routes in Texas in partnership with transport companies Ryder and International.

The company reports that its HyperFoundry software development platform has already generated $25 million in revenue. PlusAI has set a contracted revenue target of $40 million to $50 million for 2026.