PlusAI will become a publicly listed company through a business combination with Texas Ventures Acquisition III Corp that values the autonomous trucking software developer at an $800 million pre-money equity value. The transaction, which the company says could deliver up to approximately $300 million in capital, was announced this week by Plus Automation, Inc. and the Nasdaq-listed SPAC (Nasdaq: TVA, TVACU, TVACW). Texas Ventures III is financially backed by funds managed by Yorkville Advisors Global, LP, which the announcement describes as having completed transactions valued at more than $9 billion since its founding in 2001. The combined company will operate as PlusAI following closing.
Highlights
- $800 million pre-money equity value for PlusAI
- Up to approximately $300 million in capital, combining more than $60 million of committed financing with the Texas Ventures III trust of approximately $236 million
- $25 million in revenue generated year-to-date through the HyperFoundry platform, with a target of $40–50 million in contracted revenue for full-year 2026
- 2027 targeted commercial launch of factory-built autonomous trucks running SuperDrive
Transaction Structure and Capital
According to the companies, the deal is supported by more than $60 million of fully committed financing, including what they describe as a significant capital commitment from Yorkville-managed funds alongside new and existing investors, plus the approximately $236 million held in the Texas Ventures III trust. PlusAI says the committed financing satisfies the minimum cash condition to close under the business combination agreement and is expected to fund the company through 2027.
Existing PlusAI stockholders, the Texas Ventures III sponsor, and insiders will be subject to lock-up agreements after closing. Both boards have unanimously approved the transaction, which is expected to close in 2026, subject to customary closing conditions. Texas Ventures III plans to file a Form S-4 registration statement with the SEC, including proxy materials for the shareholder vote, and will file the business combination agreement on Form 8-K.
This is PlusAI’s second announced route to a public listing through a SPAC structure.
HyperFoundry Revenue and the SuperDrive Timeline
PlusAI positions the transaction around two product lines at different stages of commercialization. HyperFoundry, the company’s integrated software development platform for developing and validating autonomous and Physical AI systems, has generated $25 million in revenue year-to-date, according to PlusAI, and the company is targeting $40–50 million in contracted revenue for 2026.
SuperDrive, PlusAI’s Level 4 autonomous driving system for commercial trucks, is currently deployed in autonomous fleet trials. The company reports it is operating autonomous freight routes in Texas with Ryder and International, and it targets commercial launch of a recurring Driver-as-a-Service model in 2027. PlusAI estimates the SuperDrive opportunity at more than $1 billion in annual recurring revenue at scale and characterizes the addressable trucking market as $1.7 trillion.
David Liu, Co-Founder and CEO of PlusAI, said, “This transaction validates a year of significant execution and operational milestones for 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. HyperFoundry is generating revenue today while SuperDrive advances toward commercial launch in 2027. We believe this combination of near-term revenue, a capital-efficient software business model, and a clear path to large-scale autonomous trucking deployment uniquely positions PlusAI for long-term growth.”
How Does PlusAI Plan to Commercialize Autonomous Trucks?
PlusAI describes its go-to-market approach as OEM-led. Rather than building or retrofitting vehicles itself, the company works with truck manufacturers TRATON, Hyundai, and IVECO to deploy factory-built autonomous trucks through those manufacturers’ existing production, sales, and service channels. The company frames this as a capital-efficient, software-first model with what it calls an AI-native operating structure and a disciplined expense base.
Troy Rillo, CEO of Texas Ventures III, said, “PlusAI is a leader in autonomy and is positioned to provide one of the leading solutions to make autonomous trucking a commercial reality. PlusAI pairs real revenue today with a credible path to large-scale deployment, while remaining highly disciplined and capital-efficient. Our conviction is reflected in the capital we are committing alongside the transaction. We are excited to partner with David and the team to bring PlusAI to the public markets.”
Advisors
Cohen & Company Capital Markets is serving as exclusive financial advisor, lead capital markets advisor, and sole placement agent to PlusAI, with Wilson Sonsini Goodrich & Rosati as PlusAI’s legal advisor. DLA Piper LLP (US) is advising Texas Ventures III, and Lowenstein Sandler LLP is counsel to Cohen & Company Capital Markets. A recording of the investor call is available on PlusAI’s investor relations page.
