PlusAI Makes Third Attempt at Public Listing via SPAC Merger

The proposed transaction aims to provide the company with roughly $300 million in capital, combining $60 million in committed financing with $236 million held in a special-purpose acquisition company trust. PlusAI intends to deploy these funds to accelerate the commercialization of its factory-built autonomous trucks.

This latest effort follows a series of setbacks. A 2021 merger agreement with Hennessy Capital Investment Corp. V, which valued the business at $3.3 billion, collapsed under regulatory scrutiny regarding the company’s international operations. A second attempt in 2025 to merge with Churchill Capital Corp IX at a $1.2 billion valuation was terminated by mutual consent due to unfavorable market conditions.

Despite the valuation reset, PlusAI is emphasizing progress in its secondary business line. The company’s HyperFoundry software platform, designed for validating autonomous systems, generated $25 million in revenue. Management anticipates contracted revenue between $40 million and $50 million for the current year as it pivots toward an OEM-led software model. The parties expect the transaction to close before the end of the year.