PlusAI to go public through $1.2bn merger with Churchill IX as it targets 2027 autonomous truck rollout

Plus Automation Inc. (PlusAI), a California-headquartered developer of artificial intelligence-based virtual driver software for commercial trucking, has confirmed it will go public through a merger with Churchill Capital Corp IX (NASDAQ: CCIX), a special purpose acquisition company (SPAC). The business combination values PlusAI at a pre-money equity valuation of $1.2 billion and is expected to generate approximately $300 million in gross proceeds to fund commercialization through 2027.

The merged entity will operate under the name PlusAI upon closing, which is anticipated in the fourth quarter of 2025 subject to regulatory approvals and shareholder votes. The proceeds from the deal are structured to fully fund PlusAI’s factory-integrated launch of its SuperDrive autonomous system across OEM partner networks.

Founded in 2016 by a team of Stanford-trained engineers and serial tech entrepreneurs, PlusAI has emerged as one of the most promising U.S. firms in the physical AI and autonomous mobility sectors. Its flagship product, SuperDrive, is already undergoing real-world testing in the United States and Sweden, as the company positions itself for commercial deployment through 2027.

What is PlusAI’s SuperDrive and why it matters for autonomous logistics

PlusAI’s virtual driver platform, branded as SuperDrive, is a purpose-built software stack that enables autonomous operation of Class 8 trucks. The system integrates a tri-layer safety architecture, self-training AI modules, and proprietary model distillation techniques, allowing adaptive control in highway freight environments.

SuperDrive has been validated in over five million miles of operations, with pilot programs underway across the U.S., Europe, and Asia. In April 2025, PlusAI hit a key driver-out milestone—demonstrating its system’s capacity to operate without human intervention on select routes under defined conditions. These milestones, according to analysts tracking autonomous mobility, place PlusAI among the most technically advanced players in long-haul driverless logistics.

Experts familiar with the freight industry say the firm’s focus on Class 8 truck autonomy gives it a competitive edge in tackling the persistent labor shortages and cost pressures plaguing North American and European logistics sectors. The American freight trucking market alone, worth over $1 trillion annually, faces an annual shortfall of over 80,000 drivers—expected to worsen as the workforce ages.

Churchill IX targets industrial AI exposure through PlusAI merger

The strategic rationale for the deal reflects growing investor interest in scalable, capital-light AI models applied to core industrial problems. Churchill IX CEO Michael Klein highlighted this convergence, noting that autonomous freight has reached a commercial tipping point.

“Physical AI will be transformative across industries,” Klein said in a joint statement. “Trucking is the backbone of the global economy but remains constrained by an aging labor pool and safety concerns. PlusAI’s approach—combining advanced AI with factory-integrated OEM rollouts—offers a credible solution with high-margin potential.”

Churchill IX, formed to identify high-growth platforms with technical differentiation, evaluated multiple candidates before selecting PlusAI. The SPAC will contribute funds held in its trust account to the merger, assuming limited redemptions, and PlusAI is expected to enter the public markets debt-free, with long-term lockups for existing shareholders.

PlusAI’s go-to-market strategy hinges on global truck OEM partnerships

Rather than retrofitting autonomous systems post-production, PlusAI has adopted a vertically integrated go-to-market strategy centered around global truck OEMs. The company has signed strategic integration agreements with TRATON GROUP (parent of Scania, MAN, and Navistar), Hyundai Motor Company, and Italy’s IVECO.

These manufacturers are expected to factory-build and validate trucks using PlusAI’s SuperDrive platform, enabling faster regulatory acceptance, quality assurance, and long-term support. PlusAI’s rollout model has attracted cooperation from tier-1 suppliers such as Bosch and computing partners like NVIDIA.

The firm’s business model is designed to capture recurring, high-margin revenue through a “driver-as-a-service” framework, where SuperDrive-enabled trucks generate per-mile software licensing income for the company. This structure mirrors cloud software economics and has attracted early institutional attention for its long-term scalability.

Institutional sentiment and capital efficiency underline PlusAI’s market appeal

Institutional investors have flagged PlusAI’s financial model as highly capital efficient by industry standards. Unlike autonomous mobility firms that burn large amounts of capital on fleet operations or hardware R&D, PlusAI has focused on leveraging its AI software stack while outsourcing manufacturing and logistics support through its OEM partners.

CEO David Liu—on his fourth tech startup—has built a reputation for executional discipline and lean commercialization. “We have made significant progress in building safe and scalable autonomous trucking software,” Liu stated. “With a clear product roadmap and trusted OEM alliances, we’re now positioned to deliver autonomy through a factory-installed model at global scale.”

Analysts following Churchill IX suggest the transaction offers a compelling entry point into the industrial AI sector. PlusAI’s post-deal valuation remains modest relative to industry peers, despite multi-market exposure and technical leadership.

Assuming no redemptions, the company will enter public markets with approximately $300 million in gross proceeds, zero debt, and strategic alignment with both logistics operators and truck manufacturers.

SuperDrive’s commercial launch timeline and regulatory visibility

PlusAI plans to begin commercial deployment of SuperDrive-enabled trucks in 2027, starting in the U.S. and expanding into Europe. In preparation, the company is conducting ongoing road testing in Texas and Sweden, where regulatory frameworks are progressing in parallel with technological validation.

The European Union’s draft AV legislation and ongoing U.S. state-level frameworks in Texas, Arizona, and California are likely to shape PlusAI’s launch roadmap. According to internal documents, the company is working with regulators to develop safety and compliance protocols aligned with factory-built AV platforms.

PlusAI currently maintains development and support operations in Santa Clara, California; Austin, Texas; and Munich, Germany. These regional hubs are intended to support cross-border deployments once regulatory harmonization allows international operations.

Shareholder structure and governance post-merger

The transaction has been unanimously approved by both companies’ boards and includes governance mechanisms to ensure long-term alignment. Upon closing, PlusAI’s management and Churchill IX shareholders will hold one-vote shares. Certain existing Plus shareholders will hold low-vote shares for regulatory compliance purposes.

All existing Plus stakeholders and the Churchill IX sponsor group will be subject to lock-ups ranging from 180 to 360 days. No cash-out consideration will be paid to any current Plus shareholder.

Legal and financial advisors to the transaction include Citigroup, Northland Capital Markets, Wilson Sonsini Goodrich & Rosati, Ropes & Gray LLP, and Willkie Farr & Gallagher LLP.

Churchill IX will file an investor registration statement with the SEC on Form S-4, which will include proxy and prospectus documentation for shareholder review.

Analysts expect industrial AI to attract deeper capital in 2025–2026

The PlusAI-Churchill IX merger arrives as public markets signal renewed interest in verticalized AI firms, especially those with tangible infrastructure applications. Analysts covering the autonomous vehicle sector expect institutional capital to shift toward proven commercialization pathways—particularly models that generate operating leverage through software rather than hardware.

With a clean balance sheet, a recurring revenue model, and firm OEM integrations, PlusAI appears poised to differentiate itself from speculative autonomy ventures.

Assuming execution remains on track and regulatory support continues to solidify, analysts anticipate PlusAI will benefit from broader industrial AI adoption trends through 2026 and 2027. The company’s reliance on data-driven development, rather than hardware-first investments, is also expected to reduce capital burn and compress time-to-profitability relative to peers.