PlusAI has agreed to go public through a merger with Texas Ventures Acquisition III Corp in a deal that values the autonomous trucking software company at approximately $800 million before new money and is intended to carry it to a targeted 2027 commercial launch of factory-built autonomous trucks. The combined company will operate as PlusAI.
Both boards approved the transaction unanimously, and closing is expected in 2026.
This is PlusAI’s third attempt at a public listing. A June 2025 agreement with Churchill Capital Corp IX at a $1.2 billion valuation was terminated on April 21, 2026, with the parties citing market conditions. An earlier deal with Hennessy Capital Investment Corp V, announced in 2021 at $3.3 billion, was called off that November.
What has changed is that PlusAI now has revenue to point to. HyperFoundry, its software development and validation platform, has generated $25 million year to date, and the company is targeting $40 million to $50 million in contracted revenue for 2026. SuperDrive, its Level 4 automated driving system for commercial trucks, is not yet commercially available. PlusAI estimates the opportunity at more than $1 billion in annual recurring revenue at scale, sold as a recurring driver-as-a-service subscription rather than as hardware.
“This transaction validates a year of significant execution and operational milestones for PlusAI,” said David Liu, co-founder and CEO of PlusAI. “We are operating autonomous freight routes in Texas today, expanding our OEM partnerships, and successfully monetizing the proprietary data, models and simulation capabilities we have built over the past decade.”
PlusAI, International, and Ryder are running factory-integrated International trucks with SuperDrive on a daily 600-mile Texas route between Laredo and Temple. A safety driver supervises each run, and PlusAI reported 92% autonomous route coverage on the lane. Removing that driver depends on the truck as much as the software. International has said it expects a fully certified redundant base vehicle platform by the end of 2027.
