Self-Driving Truck Startup PlusAI Is Going Public at an $800 Million Valuation

Key points

• PlusAI, founded in 2016, is merging with a SPAC called Texas Ventures Acquisition III to go public at an $800 million pre-money valuation.
• The deal includes up to $300 million in capital, with more than $60 million already fully committed.
• PlusAI has generated $25 million in revenue through its HyperFoundry software platform and is targeting $40 to $50 million in contracted revenue for 2026.
• The company operates live autonomous freight routes in Texas with logistics firm Ryder and truck maker International Motors.
• PlusAI plans to launch factory-built self-driving trucks commercially in 2027, sold through normal dealer networks.

A California startup that builds software to make big-rig trucks drive themselves is heading to the stock market. PlusAI, based in Santa Clara, announced this week it will merge with Texas Ventures Acquisition III Corp., a SPAC (a shell company created specifically to take a private firm public without a traditional stock-market listing), in a deal that values the company at $800 million before any new money comes in.

The combined company will keep the PlusAI name and plans to trade publicly once regulators approve the merger, expected sometime in 2026.

What does PlusAI actually do?

PlusAI makes two products. SuperDrive is the self-driving system, a software stack that sits inside a truck and handles steering, braking, and lane-keeping with no human at the wheel. HyperFoundry is the development platform that helps engineers build and test those systems faster, and it is already bringing in money: the company reports $25 million in revenue from HyperFoundry so far.

SuperDrive runs at SAE Level 4 autonomy, an industry classification meaning the truck can handle all driving on its own within defined routes, with no driver needed as a backup. PlusAI updated SuperDrive in March 2025 and is targeting a commercial launch for 2027. Trucks will arrive through existing manufacturers and dealerships, not a separate sales channel.

Partners include Scania, Hyundai, IVECO, and the TRATON Group (Volkswagen's commercial vehicle arm), plus suppliers Bosch and Goodyear, and chipmaker NVIDIA.

Are the trucks actually driving themselves right now?

Yes, on specific routes. PlusAI is already running autonomous freight hauls in Texas with Ryder, one of the largest truck-fleet companies in North America, and International Motors. These are live commercial routes, not closed-track demos, giving the company real operational data.

The CEO, co-founder David Liu, described the Texas operations as proof the business is executing, not just pitching.

What is the money for?

The deal brings in up to $300 million total. Of that, more than $60 million is fully committed upfront, backed partly by investment firm Yorkville Advisors. The Texas Ventures trust holds roughly $236 million more, which closes when the merger completes.

PlusAI says the cash will fund the 2027 truck launch and deepen its integrations with vehicle manufacturers. The company frames itself as software-first: it does not build the trucks, it sells the brain inside them, a model that keeps costs lower than hardware-heavy rivals.

Liu argues autonomous trucks solve a real problem. The US faces a persistent shortage of long-haul drivers, rising wages in freight, and growing demand for delivered goods. A truck that drives itself through the night, without rest breaks, changes the economics for fleet operators.

This is PlusAI's second attempt at a SPAC deal. It announced a merger with Churchill Capital Corp IX last year but terminated that agreement in April 2026 before striking this new deal with Texas Ventures.

Common questions

Will driverless trucks take jobs from human drivers?

PlusAI targets long-haul highway routes, where the driver shortage is already acute. The company frames autonomy as filling gaps rather than replacing existing workers, though the long-term labour impact across the industry remains genuinely uncertain.

When could I see these trucks on a highway near me?

PlusAI is targeting a commercial launch in 2027 for factory-built trucks sold through normal dealer networks. The first routes will be long-haul freight corridors in the US, so highway sightings are more likely than local roads.