Plus Automation Announces $1.2B SPAC Merger to Accelerate Autonomous Trucking
Deal News | Jun 14, 2025 | EIN
Plus Automation has announced a merger with Churchill Capital Corp IX, valuing the startup at $1.2 billion and providing $300 million in fresh capital. This merger supports Plus Automation's plans to scale its autonomous trucking model, which prioritizes factory integration over retrofitting existing trucks. Led by CEO David Liu and a team of Stanford-trained PhD engineers, Plus Automation aims to deploy its AI-based virtual driver, SuperDrive, in heavy-duty trucks by 2027. SuperDrive has already logged over 5 million miles globally. The merger is designed to provide full funding through Plus Automation’s expected commercial launch in 2027, remove the need for additional equity raises, and maintain a clean balance sheet. PlusAI will emerge from the merger, underpinned by long-term OEM partnerships with Hyundai, TRATON Group, and Iveco. The European and U.S. trucking markets are nearly valued at $2 trillion and face significant driver shortages. Surging dealer interest and regulatory shifts could support Plus Automation’s “driver-as-a-service” revenue model.
Sectors
- Autonomous Vehicles
- SPACs and M&A
- Transportation and Logistics
Geography
- United States – Plus Automation is a Silicon Valley-based startup, and the merger activities and market ambitions primarily focus on U.S. regulations and market demands.
- Europe – Plus Automation has conducted extensive testing in Europe, and it is an important region for their autonomous vehicle trials.
Industry
- Autonomous Vehicles – The merger centers around Plus Automation’s advancements in AI-based autonomous trucking solutions, aligning closely with broader trends in the Autonomous Vehicles sector.
- SPACs and M&A – The transaction involves merging with a special purpose acquisition company (SPAC), highlighting significant M&A activity in the financial markets.
- Transportation and Logistics – Plus Automation’s operations in developing self-driving trucks cater directly to the transportation and logistics sector, addressing driver shortages and aiming for operational efficiency.
Financials
- $1.2 billion – Valuation of Plus Automation in the SPAC merger with Churchill Capital Corp IX.
- $300 million – Capital injection from Churchill Capital Corp IX's trust account to Plus Automation for further growth.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Plus Automation | Target Company | Companies | A self-driving truck startup aiming to innovate in the autonomous vehicle sector. |
| Churchill Capital Corp IX | Bidding Company | Companies | A special purpose acquisition company led by Michael Klein, involved in the merger with Plus Automation. |
| Hyundai | OEM Partner | Companies | An automotive manufacturer partnering with Plus Automation for the deployment of autonomous trucks. |
| TRATON Group | OEM Partner | Companies | A partner in the production of SuperDrive-enabled trucks alongside Plus Automation. |
| Iveco | OEM Partner | Companies | Collaborates with Plus Automation to integrate autonomous driving technology in trucks. |
| David Liu | CEO | People | CEO and co-founder of Plus Automation, known for his background in building and scaling tech companies. |