Self-Driving Truck Startup Plus Goes Public In $1.2B SPAC Merger, Backed By Wall Street Titan Michael Klein And Hyundai

Plus Automation last week announced it would merge with special purpose acquisition company Churchill Capital Corp IX CCIX that values the startup at $1.2 billion and brings $300 million in fresh capital for its push into autonomous trucking by 2027.

According to Plus Automation, the merger provides the resources needed to scale its factory-integrated autonomous trucking model. After closing, the combined company will operate as PlusAI and prioritize deployment through its global original equipment manufacturer partnerships.

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Advanced Virtual Driver Tech Plus Automation Preps for 2027 Launch

Plus Automation is led by a founding team of Stanford-trained PhD engineers and seasoned tech entrepreneurs, each with a history of building and scaling innovation-focused companies. CEO David Liu, now on his fourth startup, brings a consistent track record of growth across prior ventures, reinforcing investor confidence in the company's ability to execute, Plus Automation says.

Launched in 2016 from Silicon Valley, Plus Automation designed SuperDrive as an AI-based virtual driver for heavy-duty trucks. The company says that its system has already accumulated more than 5 million miles across the U.S., Europe, and Asia, forming a robust real-world dataset that underpins its neural-network engine.

In April, SuperDrive hit a crucial driver-out safety milestone, signaling readiness for commercial deployment. According to Plus Automation, public road trials are active in Texas and Sweden, with broader fleet testing slated for fall.

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Plus Automation's strategy leans heavily on factory integration rather than retrofitting existing trucks. That original equipment manufacturer-first model involves close collaboration with Hyundai, TRATON Group, and Iveco to produce SuperDrive-enabled trucks at scale, Plus Automation says. 

The $300M Capital Injection Fuels Capital-Light Rollout

Churchill Capital Corp IX, led by veteran financier Michael Klein, will provide up to $300 million from its trust account to finance Plus Automation's next growth phase. Plus Automation says that this injection is expected to fully fund the startup through its 2027 commercial launch without requiring additional equity raises. 

The merger maintains a clean balance sheet for the combined entity and locks up existing Plus Automation shareholders for 180 to 360 days to reinforce long-term commitment. Plus Automation and its and Churchill IX's shareholders will hold one-vote shares to ensure governance alignment. 

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Plus Automation is Transforming a $2 Trillion Industry with Physical AI

The European and U.S. trucking markets are valued at nearly $2 trillion, facing persistent shortages of around 300,000 drivers annually, the company says. Plus Automation plans to monetize via a per-mile "driver-as-a-service" model to generate high-margin recurring revenue. Physical AI solutions are gaining traction due to lighter regulations and growing demand for logistical efficiency.

Dealer interest is rising as governments across the U.S. consider easing safety rules for heavy autonomous vehicles. California's Department of Motor Vehicles recently proposed testing heavy-duty self-driving trucks on public roads, marking an important regulatory shift.

Closing is expected in the fourth quarter, pending shareholder approvals, Plus Automation says.

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