Kodiak Robotics Enters Into SPAC Merger to Go Public
Deal News | Apr 15, 2025 | EIN
Kodiak Robotics, an autonomous vehicle technology provider, announced its agreement to merge with Ares Acquisition Corporation II (AACT), a special purpose acquisition company, in a move that would take Kodiak public. The merger, approved by the boards of both companies, is projected to conclude in the second half of 2025. This SPAC merger places a pre-money equity valuation on Kodiak of approximately $2.5 billion. The transaction is financed with over $110 million from Soros Fund Management, ARK Investments, Ares, and other institutional investors, with additional cash expected from AACT's trust account. Kodiak's CEO, Don Burnette, highlighted that becoming a public entity will help expand their customer base and enhance their commercial and public sector solutions. The new entity will be known as Kodiak AI and will trade under the ticker symbols KDK and KDK WS. Kodiak, founded in 2018, specializes in AI-powered technology for commercial trucking and has contracts with notable entities like the Department of Defense and Atlas Energy Solutions.
Sectors
- Autonomous Vehicle Technology
- SPAC and Financial Services
Geography
- United States – Kodiak Robotics operates within the U.S., particularly in commercial trucking applications and collaborations with the Department of Defense.
Industry
- Autonomous Vehicle Technology – The article discusses Kodiak Robotics, a company specializing in AI-powered autonomous vehicle technology, indicating its role in this industry.
- SPAC and Financial Services – The merger with Ares Acquisition Corporation II marks this as a significant financial and SPAC transaction.
Financials
- $2.5 billion – The pre-money equity value of Kodiak Robotics ascribed in the SPAC merger.
- $110 million – Committed financing from Soros Fund Management, ARK Investments, Ares, and other institutional investors for the merger.
- $551 million – Expected cash to be secured from the AACT trust account upon closing of the transaction.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Kodiak Robotics | Target Company | Company | An autonomous vehicle technology provider focused on AI-powered solutions for commercial trucking. |
| Ares Acquisition Corporation II (AACT) | Bidding Company | Company | A special purpose acquisition company engaging in a merger to take Kodiak public. |
| Soros Fund Management | Investor | Company | One of the investors providing financing for the SPAC transaction. |
| ARK Investments | Investor | Company | An institutional investor contributing to the financing of the transaction. |
| Ares | Investor | Company | A participant in the financial backing of the Kodiak SPAC merger. |
| Department of Defense | Client | Government | A Kodiak client exploring the adaptation of autonomous technology for military vehicles. |
| Atlas Energy Solutions | Client | Company | A company that placed an order for 100 autonomous trucks from Kodiak. |