Self-driving truck firm PlusAI takes third run at listing, this time at $800M

Autonomous trucking software company PlusAI announced plans to go public through a merger with Texas Ventures Acquisition III Corp. at a pre-money valuation of approximately $800 million. This marks the company's third attempt at listing in the past five years. Prior attempts in 2021 and 2025 were abandoned. The transaction is backed by $236 million in the Texas Ventures III trust, with an additional $60 million in committed financing.

The funds will support PlusAI's operations through 2027. PlusAI's revenue currently comes from its HyperFoundry platform, which enables the development and validation of autonomous systems. The platform generated $25 million in revenue in the current year and the company projects $40-50 million in contracted revenue for 2026. PlusAI's self-driving software, SuperDrive, operates at Level 4, meaning it can handle all driving within a defined area without human intervention.

The company's trucks, built by established manufacturers, are expected to enter commercial service in 2027. PlusAI has integration agreements with TRATON SE, Hyundai Motor Co., and Iveco Group N.V. The company's technology, including data, models, and simulation capabilities, has been developed over a decade and is now being monetized through SuperDrive. The transaction is expected to close this year, subject to shareholder and regulatory approval.