May Mobility, an autonomous vehicle technology company focused on commercial ride-hail services, has agreed to go public through a business combination with ACP Holdings Acquisition Corp. that implies a pro forma enterprise value of approximately $1.4 billion.
The transaction is expected to provide May Mobility with gross proceeds of up to $337 million, including as much as $217 million from ACP Holdings’ trust account, subject to shareholder redemptions, and a fully committed $120 million PIPE backed by institutional and strategic investors.
Upon closing, the combined company is expected to operate as May Mobility Inc. and trade on Nasdaq under the ticker symbol “MAY.” The transaction is expected to close by the end of 2026, subject to shareholder approvals, Nasdaq listing approval and other customary closing conditions.
May Mobility and ACP Holdings said the transaction is expected to make May Mobility the first U.S. publicly listed pure-play autonomous ride-hail technology company.
Founded in 2017 and headquartered in Ann Arbor, Michigan, May Mobility develops autonomous driving technology designed to power ride-hailing fleets without requiring the company itself to own and operate large fleets of vehicles.
The company has completed more than 550,000 commercial autonomous rides covering approximately 1.1 million miles in the U.S. and Japan, including three driver-out deployments in the United States.
May Mobility currently operates commercially in three U.S. locations. These include a Lyft deployment in Atlanta and autonomous services in Eden Prairie and Grand Rapids, Minnesota.
The company is also targeting the launch of commercial operations with Uber in Arlington, Texas, in either the fourth quarter of 2026 or first quarter of 2027. A six-month on-demand autonomous vehicle pilot with NTT Mobility began in Nagoya, Japan, in September, with additional deployments expected later in the year.
May Mobility has built its expansion strategy around partnerships rather than owning the entire autonomous mobility infrastructure itself.
Toyota Motor is its primary vehicle manufacturing partner, supplying autonomy-ready versions of the Sienna and e-Palette. Uber and Lyft have entered multi-year, multi-city partnerships to deploy May Mobility technology through their ride-hailing networks.
Grab has entered a strategic partnership involving investment, technology collaboration and expansion into Southeast Asia, while NTT led May Mobility’s Series D and Series E financings and has licensed the company’s technology as the exclusive operator of May Mobility-powered fleets in Japan.
ECARX provides hardware integration and engineering services intended to lower bill-of-materials costs and support mass production. CaoCao is working with May Mobility on autonomous vehicle deployments in Europe and other international markets, with CaoCao expected to own and operate the fleets while May Mobility supplies the autonomous technology.
May Mobility describes this model as Autonomy-as-a-Service.
Under the structure, fleet partners are responsible for owning vehicles, managing depots and covering maintenance and operating costs. May Mobility supplies the autonomous driving technology and receives fixed fees or per-trip licensing revenue.
The company believes this approach can materially reduce its capital requirements relative to autonomous vehicle companies that own and operate their own fleets.
May Mobility is targeting longer-term gross margins of up to 70% and EBIT margins of as much as 30%, giving the business economics that management compares more closely with software-as-a-service companies than traditional transportation operators.
The company’s autonomous driving technology is built around what it calls a multi-policy reasoning architecture.
Rather than relying solely on an end-to-end AI model trained on extremely large datasets, May Mobility’s system uses an onboard world model incorporating physics, road rules and driving behavior.
The system can simulate thousands of possible future scenarios per second while multiple learned and reasoning-based strategies compete to determine how the vehicle should respond. Actions that fail predefined safety requirements are rejected.
May Mobility said that architecture makes individual driving decisions more traceable and auditable while potentially allowing the company to enter new markets without first collecting millions of miles of location-specific training data.
That capability could become increasingly important as autonomous vehicle companies attempt to expand from limited deployments into larger numbers of cities without repeating extensive data collection and training processes in every market.
May Mobility generated approximately $10 million of revenue in 2025 with a gross margin of 27%. The company reported approximately $93 million of cash burn during the year as it expanded into additional markets and continued developing its autonomous vehicle technology.
Since its founding, May Mobility has raised approximately $445 million from venture investors, corporate partners and other financial investors.
The proceeds from the public transaction are expected to fund additional research and development and industrialization, expand the operational capabilities of May Mobility’s driver-out system, support supply-chain investments intended to lower component costs and finance additional U.S. and international deployments. The company will also use a portion of the proceeds for general working capital.
Both May Mobility’s and ACP Holdings’ boards have unanimously approved the transaction.
ACP Holdings is a special purpose acquisition company affiliated with Atlas Credit Partners. Cantor Fitzgerald is serving as ACP Holdings’ exclusive financial advisor, lead capital markets advisor and lead PIPE placement agent. DLA Piper is advising ACP Holdings, while Latham & Watkins is serving as legal counsel to May Mobility.
The proposed public listing would give May Mobility additional capital as competition intensifies across autonomous transportation and companies move from technology development toward larger-scale commercial deployment.
May Mobility’s strategy is to position itself primarily as the autonomy technology provider rather than the fleet operator, using partnerships with major ride-hail companies, automakers and fleet owners to scale its physical AI technology across markets.
KEY QUOTES:
“We started May Mobility because getting around a city shouldn’t cost people their time, their safety or their freedom. Becoming a public company is how we bring that within reach for more people, faster. By partnering with the best companies in the world, we can give people a smarter way to move through their cities, at a scale none of us could reach alone.”
Dr. Edwin Olson, Founder and CEO of May Mobility
“Our conviction in May Mobility is grounded in the extensive fundamental and operational work our team has done with the company and in what we believe is a differentiated and capital-efficient approach to autonomous mobility. May Mobility has demonstrated meaningful commercial traction, validation of technology and a robust ecosystem of strategic partners, including Uber, Lyft, Grab and CaoCao. We are pleased to support the company’s next phase of growth through this transaction and the fully committed PIPE secured in connection with the business combination.”
Andrew Mallozzi, Chairman and CEO of ACP Holdings and Founder of Atlas Credit Partners
