Self-driving truck developer Plus Automation said on Thursday it will merge with special purpose acquisition company Churchill Capital Corp IX (CCIX.O) in a deal valued at $1.2 billion, as it prepares for the commercial rollout of its autonomous vehicles in 2027.
The transaction, supported by veteran Wall Street financier Michael Klein, is expected to generate approximately $300 million in proceeds for Plus. The company plans to use the funds to advance product development and expand testing programs ahead of its anticipated launch. The merger is scheduled to close in the fourth quarter of 2025.
The move reflects a cautious but steady shift in the autonomous driving industry, where optimism has been tempered by technical and regulatory challenges. However, the sector has gained renewed momentum as companies explore automation to address driver shortages, lower freight costs, and meet growing demand for faster deliveries.
“IPO is an extremely expensive process and a lot of them don’t want to go through the expense to pull the IPO in the last minute,” said Yuriy Shterk, global head of alternatives at Clearwater Analytics, referring to the streamlined listing route offered by SPACs.
The announcement comes more than four years after Plus canceled a $3.3 billion SPAC merger during the peak of investor enthusiasm for blank-check companies. Since then, the company has expanded road testing of its autonomous trucks in Texas and Sweden, with additional customer fleet trials expected in the fall of 2025. Plus currently counts Hyundai (005380.KS) as a customer, and operates in a competitive landscape that includes Uber-backed Aurora Innovation (UBER.N).
Industry watchers expect regulatory developments to play a key role in deployment. The Trump administration has proposed easing certain safety reporting requirements for autonomous vehicles, while California is considering permitting tests of self-driving heavy-duty trucks on public roads.
As commercialization efforts pick up pace, Plus is among several companies positioning themselves for a future where autonomous freight transport may become a key part of logistics infrastructure.