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PlusAI Scraps Plans for Public Listing a Second Time
Autonomous Truck Developer Seeks More Favorable Market Conditions
Key Takeaways:
- PlusAI and Churchill Capital Corp IX dissolved their planned Nasdaq SPAC merger April 21, marking PlusAI’s second failed public-listing attempt.
- The deal had valued PlusAI at $1.2 billion, down from a 2021 Hennessy SPAC transaction that valued it at $3.3 billion.
- PlusAI plans another funding round as it pursues a 2027 commercial launch of factory-built autonomous trucks using SuperDrive software.
PlusAI’s plans to go public fell through for a second time, with the self-driving truck software developer citing a need for more favorable market conditions.
PlusAI announced April 21 that plans to merge with Nasdaq-listed special purpose acquisition company Churchill Capital Corp IX were being dissolved by mutual agreement.
Santa Clara, Calif.-based Plus and the SPAC, controlled by former investment banker Michael Klein, originally announced plans for the merger in June 2025 at a valuation of $1.2 billion.
The deal with an affiliate of the same investment group that took automaker Lucid Motors public marked a second attempt to go public.
In 2021, the company was known simply as Plus and announced plans to list via a merger with another SPAC, Hennessy Capital Investment Corp. V, in a deal that valued the company at $3.3 billion. That combination was dissolved in November 2021.
After the latest plans to go public fell apart, PlusAI stressed that it had “significant commercial momentum and remains strongly positioned for long-term growth.”
PlusAI partners with manufacturers including Traton Group’s International Motors, Scania and MAN divisions, along with Iveco and Hyundai.
Since the start of 2026, PlusAI has expanded its partnerships with Traton and Iveco.
Traton committed up to $25 million in dedicated research and development funding for PlusAI at the end of January. Much of the backing will focus on accelerating factory integration of the SuperDrive autonomous truck software into Traton vehicles.
SuperDrive’s capabilities were expanded in March, with night driving and construction-zone handling added in the latest iteration.
Around-the-clock commercial freight deliveries could potentially more than double the utilization of a truck, PlusAI said March 5.
Ralph Dimenna of Aperia Technologies breaks down the latest advances in tire management technology. Tune in above or by going to RoadSigns.ttnews.com.
PlusAI also plans to advance its HyperFoundry development platform for physical artificial intelligence in the coming quarters, according to a presentation to investors earlier in April. Physical AI refers to AI systems that operate in and interact with the physical world, rather than only existing in software or digital environments.
With the latest attempt at a public listing failing, the company plans to launch another round of funding, CEO David Liu said in comments released after the Churchill Capital partnership fizzled.
“Our existing investors are deeply committed to support our long-term vision and current operations. To that end, they have committed to participate in our next round of capital raise,” a PlusAI representative told Transport Topics in an email April 28.
PlusAI is working toward a commercial launch of factory-built autonomous trucks driven by its SuperDrive software in 2027.
International Motors pulled back the curtain on initial fleet trials of second-generation autonomous LT Series tractors March 31, identifying Ryder System as the first publicly announced participant.
The truck maker also noted a transition in testing to point-to-point operations from hub-to-hub routes.
Miami-based Ryder is operating a daily 600-mile route along the Interstate 35 corridor between company locations in Laredo and Temple, Texas, as part of the pilot.
Ryder ranks No. 6 on the Transport Topics Top 100 list of the largest for-hire carriers in North America, with Ryder Dedicated Transportation Solutions ranking No. 5 among truckload/dedicated carriers. The company ranks No. 8 on the TT Top 100 list of the largest logistics companies.
