PlusAI Targets Public Market Via Merger

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Plus Automation Inc. (Plus), a company specializing in Physical AI through its AI-based virtual driver software for autonomous trucks, has announced a definitive business combination agreement with Churchill Capital Corp IX (Churchill IX), a special purpose acquisition company (SPAC). This strategic merger will see the combined entity operate under the name PlusAI, paving the way for its shares to be publicly traded.

Key Highlights:

Plus is set to go public through a merger with Churchill Capital Corp IX.
The company’s proprietary AI software, SuperDrive, aims to address the $2 trillion trucking freight market in the U.S. and Europe.
Established partnerships are in place with prominent global truck manufacturers, including TRATON GROUP, Hyundai, and IVECO.
The transaction is expected to provide up to $300 million in gross proceeds, funding Plus through the anticipated commercial launch of SuperDrive-enabled trucks in 2027.
Plus holds a pre-money equity value of $1.2 billion.

Founded in Silicon Valley in 2016, Plus focuses on Physical AI, developing its SuperDrive virtual driver software to facilitate safe and scalable autonomous trucking. The company has distinguished itself by embracing an Autonomous Vehicle 2.0 paradigm, prioritizing AI models over traditional hand-coded software to create more adaptable and scalable autonomy for physical applications. Plus has deployed its autonomous driving technology extensively across the United States, Europe, and Asia, accumulating over five million miles of real-world driving data. This vast dataset is instrumental in refining its “driving intelligence” platform, which leverages advanced generative AI models. A significant milestone was achieved in April 2025 with a successful driver-out safety validation for SuperDrive, which boasts a robust, three-layer redundancy architecture. Public road testing of the system is currently active in Texas and Sweden, with additional customer fleet trials scheduled for the fall of 2025.

PlusAI is implementing an OEM-led commercialization strategy, centered on deep integration with leading global commercial vehicle manufacturers. Key collaborators include the TRATON GROUP (which encompasses Scania, MAN, and International), Hyundai, and IVECO. These manufacturers are anticipated to factory-build, validate, deliver, and support autonomous trucks powered by Plus’s virtual driver technology. This collaborative model is designed to enable scalable deployment through trusted and established manufacturing and service channels. Further bolstering this strategy are collaborations with other key industry players such as DSV, Bosch, and NVIDIA. The commercial launch of SuperDrive-enabled, factory-built autonomous trucks is targeted for 2027, beginning in the United States and subsequently expanding into the European market.

The U.S. and European truck freight market, with an estimated value of nearly $2 trillion, currently faces substantial pressures. These include persistent driver shortages, with a combined deficit exceeding 300,000 drivers annually in these regions, alongside rising operational costs and increasing demand for faster delivery cycles. Autonomous trucking, powered by innovative solutions like SuperDrive, presents a structural solution to these challenges by aiming to reduce operating costs and enhance available truck utilization. David Liu, Co-Founder and CEO of Plus, stated, “Our long-term vision is to empower fleet operators to run global freight networks with autonomous vehicles that improve safety, enhance efficiency, and reduce costs.”

The merger with Churchill IX values Plus at a $1.2 billion pre-money equity. The transaction is expected to yield approximately $300 million in gross proceeds, assuming no redemptions by Churchill IX shareholders. These funds are projected to fully support PlusAI through its planned commercial launch in 2027. Plus currently operates with no debt, and its capital-efficient, software-focused business model is structured for a recurring, per-mile revenue stream with high gross margins via a “driver-as-a-service” offering. Michael Klein, Chairman and CEO of Churchill IX, remarked, “Trucking is the backbone of the global economy but the industry faces a persistent driver shortage that autonomous trucking has the potential to solve.” The merger agreement has received unanimous approval from the boards of directors of both Plus and Churchill IX. The transaction is anticipated to close in the fourth quarter of 2025, contingent upon customary closing conditions, including shareholder approvals. Upon completion, the merged company will operate as PlusAI.