PlusAI has entered into a definitive business combination agreement with Texas Ventures Acquisition III Corp. that values the autonomous trucking software company at an $800 million pre-money equity value.
Upon closing, the combined company will continue operating as PlusAI and become publicly listed.
The transaction is supported by up to approximately $300 million of capital, including more than $60 million of fully committed financing and approximately $236 million held in the Texas Ventures III trust.
The committed financing includes a significant investment from funds managed by Yorkville Advisors alongside new and existing investors.
PlusAI said the financing is expected to fund its commercialization roadmap through 2027, including continued OEM integration and the planned commercial launch of factory-built autonomous trucks equipped with its SuperDrive virtual driver software.
The company is currently operating autonomous freight routes in Texas with Ryder and International and is working with truck manufacturers including TRATON, Hyundai and IVECO.
PlusAI’s HyperFoundry platform has generated $25 million in revenue, and the company is targeting $40 million to $50 million in contracted revenue for 2026.
HyperFoundry monetizes PlusAI’s proprietary physical AI data, models and simulation capabilities, while SuperDrive is being developed around a recurring Driver-as-a-Service business model targeted for commercial launch in 2027.
The boards of PlusAI and Texas Ventures III have unanimously approved the transaction, which is expected to close in 2026 subject to customary closing conditions.
Cohen & Company Capital Markets is serving as exclusive financial advisor, lead capital markets advisor and sole placement agent to PlusAI. Wilson Sonsini is legal advisor to PlusAI, while DLA Piper is legal advisor to Texas Ventures III.
KEY QUOTES:
“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.”
David Liu, Co-Founder and CEO of PlusAI
“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.”
Troy Rillo, CEO of Texas Ventures Acquisition III Corp.
