Plus will list through a SPAC at $800m, and its tooling is what earns today
A filing put the pre-money equity value at about $800 million and disclosed that the developer platform, not the driving system, has generated the company's $25 million in revenue.
Plus Automation agreed to go public through Texas Ventures Acquisition III Corp, a special-purpose acquisition company, under a definitive business combination agreement announced on September 3. The combined company would operate as PlusAI.
The announcement, filed with the Securities and Exchange Commission as an exhibit to a Form 8-K, put the pre-money equity value at about $800 million and said the transaction would provide up to about $300 million of capital: more than $60 million in committed financing alongside a trust of about $236 million. The acquiring company is backed by funds managed by Yorkville Advisors Global.
The filing disclosed that HyperFoundry, the development platform Plus built out of its Level 4 driving stack and sells for work on autonomous and physical artificial-intelligence systems, has generated $25 million in revenue. The company said it was targeting $40 million to $50 million of contracted revenue in 2026.
SuperDrive, its SAE Level 4 driving system for factory-built trucks, is in fleet trials, with commercial launch targeted for 2027.
Plus named TRATON, whose brands include Scania, MAN and International, along with Hyundai and IVECO, as vehicle manufacturer partners, and said it was operating autonomous freight routes in Texas with Ryder and International.