PlusAI and SPAC partner spike merger plan

The autonomous trucking venture had been looking to land on the Nasdaq via the deal signed last June. But “market conditions” have put that journey on hold.
April 22, 2026
2 min read

Key takeaways

  • PlusAI canceled its SPAC merger, signaling continued volatility in AV funding markets for trucking tech companies.
  • The company is shifting focus to near-term revenue from AI tools while delaying reliance on public capital markets.
  • PlusAI launched a 600-mile Texas pilot with Ryder, advancing real-world AV deployment despite funding headwinds.
Plus Automation
69e7f3ceceb18e72b705a84c Plusai Software 1

The plan by autonomous trucking company Plus Automation to secure growth funding and a listing on the Nasdaq Stock Market by merging with a special-purpose acquisition company is no more.

Leaders of Silicon Valley-based PlusAI and Churchill Capital Corp. IX on April 20 terminated their agreement to join forces “due to market conditions.” Shareholders had initially been scheduled to vote on the proposed union in early February, but the companies repeatedly pushed back that date, most recently to April 24. In a filing with the Securities and Exchange Commission, Churchill CFO Jay Taragin said the merger plan had been abandoned by mutual consent.

In a short statement, PlusAI CEO and Co-Founder David Liu said his team has “tremendous confidence” in where the company is headed with its offerings. Liu also pointed to “support from our existing investors on our next capital raise” as a reason to be optimistic about the company.

Early this year, Liu said he expected to raise several hundred million dollars via the Churchill transaction, adding that such an amount would let his team reach commercialization without needing to raise more money. In a recent update, Liu told investors that he is targeting between $40 million and $50 million in revenue this year from PlusAI’s HyperFoundry AI tools, and he added that figure could reach $100 million next year as PlusAI also launches its driverless trucks alongside its OEM partners.

“The company is at a clear inflection point—transitioning to meaningful revenue generation this year and progressing toward the commercial launch of our [Level 4 autonomous] solution in 2027,” Liu said on April 7. “We believe now is the right time to enter the public markets.”

Among PlusAI’s investors is Traton, the parent company of International, which committed $25 million early this year to help Liu and his team fund their research and development work. PlusAI also has manufacturer partnerships with Hyundai and Iveco and has signed numerous equipment and technology alliances, including with Bosch, which is also working with fellow autonomous venture Kodiak AI. The company recently announced that it had launched a pilot program with Ryder System along a 600-mile route in Texas.

About the Author

Geert De Lombaerde
Email

Geert De Lombaerde

Senior Editor

A native of Belgium, Geert De Lombaerde has more than two decades of experience in business journalism. Since 2021, he has written about markets and economic trends for Endeavor Business Media publications FleetOwner, Healthcare Innovation, IndustryWeek, Oil & Gas Journal, and T&D World. 

With a degree in journalism from the University of Missouri, he began his reporting career at the Business Courier in Cincinnati. He later was managing editor and editor of the Nashville Business Journal. Most recently, he oversaw the online and print products of the Nashville Post and reported primarily on Middle Tennessee’s finance sector and many of its publicly traded companies.

Sign up for our eNewsletters
Get the latest news and updates

Related

Transportation Transitions: Key leadership announced for Volvo, Nissan
Fleetio wins NAFA 2026 Innovations Showcase with AI Service Advisor
The Technician’s Guide to Selecting the Ultimate Diesel Diagnostic Tool
Sponsored
Industry Icons Q&A - Tom Wilkins
Sponsored

Voice Your Opinion!

To join the conversation, and become an exclusive member of FleetOwner, create an account today!