May Mobility is going public in a $1.4B SPAC deal
The deal could net the asset-light robotaxi company more than $300 million in funding.
May Mobility, an autonomous vehicle company, is merging with a special purpose acquisition company (SPAC) in a deal worth over $1.4 billion. The merger, expected to close soon, will make May Mobility the first publicly traded company in the U.S. solely focused on autonomous ride-hailing vehicles. This move aims to test the stock market's appetite for pure-play robotaxi ventures and showcase May Mobility's "asset-light" and "partnership-first" approach to autonomy.
Instead of owning or operating the robotaxis, the company will sell its autonomous vehicles to fleet partners, earning either fixed fees or per-trip licensing fees.
Founded in 2017, May Mobility currently operates autonomous Toyota Siennas in three U.S. locations and has a partnership with Lyft in Atlanta. They also offer rides in two Minnesota cities - Eden Prairie and Grand Rapids. Last year, May Mobility generated around $10 million in revenue, with a cash burn of approximately $93 million.
They have provided over 550,000 paid autonomous rides, covering more than 1 million miles. The company recently launched its first trial deployment in Japan and plans to commercialize in Arlington, Texas, with Uber, by the end of this year or early 2027.
The SPAC, ACP Holdings Acquisition Corp., will contribute up to $217 million to the merger. May Mobility plans to use the funds for further research and development, particularly to remove safety drivers, supply chain investments to cut costs, and new geographic deployments that may be announced later this year.
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