Autonomous Truck Startup Plus to Go Public in $1.2 Billion SPAC Deal Backed by Michael Klein
Plus Automation, a self-driving truck startup, announced it will go public in the U.S. through a $1.2 billion merger with special purpose acquisition company (SPAC) Churchill Capital Corp IX, supported by seasoned Wall Street dealmaker Michael Klein. The transaction will provide Plus with $300 million in proceeds aimed at funding the commercial launch of its autonomous trucks scheduled for 2027.
The commercialization of autonomous trucking is accelerating, with industry players moving from ambitious promises to more cautious, incremental progress. U.S. truck operators, who handle most of the country’s freight, are increasingly adopting automation technologies to reduce costs amid driver shortages and rising demand for faster deliveries.
Regulatory changes are also aiding the adoption of self-driving trucks. The Trump administration had proposed exemptions from certain safety requirements and eased incident reporting rules, while in April, California suggested allowing testing of self-driving heavy-duty trucks and other large vehicles on public roads.
Plus’s new SPAC deal marks a comeback after a previous $3.3 billion blank-check merger plan was canceled more than four years ago during the SPAC boom. This time, the company is opting for a more modest valuation and funding amount.
Industry experts highlight that SPAC mergers offer a faster and often less expensive path to going public compared to traditional IPOs, which can be costly and complex.
Hyundai is among Plus’s customers, and the startup is currently conducting public road tests in Texas and Sweden, with additional fleet trials planned for fall 2025. Other players like Uber-backed Aurora Innovation are also testing self-driving trucks in Texas.
The deal is expected to close in the fourth quarter of 2025.