Kodiak AI, Inc. has completed its business combination with Ares Acquisition Corporation II (AACT) and began trading today on Nasdaq under the symbols KDK and KDKRW. The deal values the autonomous trucking company at approximately $2.5 billion, making it one of the largest de-SPAC transactions of 2025.
The merger generated more than $275 million in proceeds, including $145 million in PIPE funding and approximately $62.9 million in trust cash from AACT, before expenses. Leadership says this capital will accelerate commercialization of the Kodiak Driver, the company’s AI-powered autonomous driving system.
“Going public with the support of our partners at AACT marks an important step in Kodiak’s journey to help transform how freight moves,” said Don Burnette, Founder and CEO of Kodiak. “The Kodiak Driver is already on the road, safely and reliably delivering freight every day for paying customers without a human in the cab.”
In 2024, Kodiak became the first company to announce delivery of driverless semi-trucks to a paying customer, Atlas Energy Solutions, which has since placed an order for 100 units. Atlas currently operates eight Kodiak-powered trucks running 24/7.
To date, the company has delivered more than 7,300 loads for fleets including Maersk, IKEA, J.B. Hunt, Bridgestone, and C.R. England. The company has logged 3 million autonomous miles and over 3,000 paid driverless hours.
Kodiak’s public listing positions the company to pursue a share of the global freight market, estimated at more than $4 trillion. Its Driver-as-a-Service model provides fleets with per-mile or per-vehicle access to driverless technology, supported by partnerships such as vehicle production with Roush Industries.
As part of its debut, Kodiak is displaying a driverless truck in Times Square and ringing the Nasdaq opening bell to mark the milestone.
