PlusAI A Step Closer To Public Offering With S-4 Filing To SEC

An International Truck equipped with PlusAI’s SuperDrive system.

PlusAI

PlusAI, a key player in the truck autonomy space, and Churchill Capital IX just filed its S-4 to the U.S. Securities and Exchange Commission, a critical step in the IPO process. This filing comes at a time when there has been a lot of recent developments in autonomous trucking, and an IPO market that is heating up after a few stagnant years.

The transaction values PlusAI at a pre-money equity value of $1.2 billion. The filing shows that the principals have removed any closing conditions for the SPAC merger, making the deal all but certain. The transaction is expected to close by the end of the year or early next year.

Historically Churchill has had low redemption rates and delivered over one hundred percent of cash in trust at closing for their last five de-SPAC transactions. This transaction is expected to provide a cash infusion of over $300M to PlusAI. Further, PlusAI has enough cash to comfortably close and will fully scale with proceeds from the transaction, according to a PlusAI spokesperson.

Core Differentiation for PlusAI Is Its Scalable Go-To-Market Approach Through Global OEM Partnerships with TRATON, IVECO and Hyundai

One of PlusAI’s core differentiators is due to its go-to-market model as the official autonomy partner to three of the world’s largest global commercial vehicle OEMs – TRATON GROUP (owner of Scania, MAN and International brands), IVECO, and Hyundai. This indicates that PlusAI’s L4 virtual driver, called “SuperDrive” will be factory-integrated on the heavy trucks from these brands, giving it substantial scale.

As detailed in the S-4, PlusAI is planning for its commercial launch to occur in 2027 in Texas with Traton’s International brand. From there, PlusAI sees expansion going to the Sunbelt states, across the U.S., and Europe. PlusAI notes that it is the only autonomous trucking developer with announced launch partners for Europe.

PlusAI is focused on a recurring revenue model with its OEM customers. Through a Driver-as-a-Service (DaaS) model, Plus aims to provide autonomy software that will enable recurring, per-mile revenue with high gross margins, with the aim of delivering a capital-efficient path to growth and attractive returns for shareholders.

PlusAI estimates that the U.S. market opportunity alone could generate $0.85 in value per mile under a DaaS model, with PlusAI capturing approximately 20–25% of the economics.

PlusAI views their initiative to go public will result in providing the company with access to capital and support that will help advance their product roadmap and execute on their commercial launch in Texas with TRATON and International.

AI-Native With AV 2.0 SuperDrive Virtual Driver Technology

PlusAI was founded as a Physical AI company in Silicon Valley in 2016 by technology entrepreneurs with deep expertise in engineering, artificial intelligence, and machine learning, aiming to develop a virtual driver system. PlusAI frames the company as an early adopter of the Autonomous Vehicle 2.0 paradigm, implementing “an efficient development approach—replacing hand-coded software with AI models to enable scalable, adaptive autonomy for physical applications. Its AI native, data driven architecture continuously improves with scale.” This is PlusAI’s Co-Founder and CEO David Liu’s fourth startup. Notably, each of his prior companies successfully exited.

PlusAI has deployed autonomous driving technology across the U.S., Europe, and Asia, which has been used for more than five million miles of driving. These real-world operations have generated a proprietary dataset that fuels PlusAI’s technology development. Leveraging this data and advanced generative AI models, PlusAI has built a generalizable “driving intelligence” platform using auto-labeling, model distillation, and highly optimized in-vehicle neural networks.

PlusAI maintains operations in California, Texas, and Germany to support commercialization and deployment.

PlusAI Is Focused On Key Milestones In Preparation for 2027 Commercial Launch

The SuperDrive virtual driver features a robust, three-layer redundancy architecture and is purpose-built to autonomously operate heavy commercial trucks. In April 2025, PlusAI achieved a key driver-out safety validation milestone with SuperDrive. PlusAI is currently conducting public road testing in Texas and Sweden with additional customer fleet trials scheduled for fall of 2025.

Since the SPAC was announced in early June, PlusAI has fulfilled key milestones on its roadmap to commercialization in 2027, including safety KPIs the company is using to track its commercial readiness. In Texas, PlusAI recently launched customer fleet trials on the Laredo to Dallas route with International.

PlusAI’s commercial priorities from now through 2028 are illustrated in the image below.

Risk Factors

As is typical in a prospectus, risk factors are identified in the PlusAI S-4. Sometimes the risk section in S-4 documents reveal “juicy bits” about a company, spurring much speculation as to the company’s prospects. As a non-specialist in such filings, my assessment is that most of the PlusAI risk factors would be common to a wide range of truck autonomy companies. They are largely similar to what Kodiak included in their S-4 as well.

Not surprisingly as this is the case across the industry so far, PlusAI notes that “our agreements with certain of our OEM partners are non-exclusive and may be terminated by the OEM partner without cause.”

In June of this year, PlusAI’s OEM partner IVECO announced an agreement to be acquired by Tata Motors, which creates uncertainty going forward.

There is the ever-present threat of action or inaction by government bodies when it comes to vehicle regulations, road regulations, and intellectual property. Many states, including Texas where PlusAI plans to have their initial commercial launch with Traton’s International, already allow autonomous truck operations though.

All in all, the vagaries of building and deploying technology into a supply chain in the face of changing economic and regulatory conditions are daunting… and nothing new.

Perspective

Scaling autonomous trucking will take some time, so it’s no surprise to see PlusAI join Aurora in the public markets. With Kodiak scheduled to go public later this month, the autonomous trucking industry will soon have three publicly traded companies – Aurora, Kodiak, and PlusAI.

Not every truck autonomy company sees the OEM route as the path to success. Yet for the vast majority of actors in the road freight industry, the OEM-led model enables scalable deployment through trusted manufacturing and service channels, providing fleet operators with a seamless path to autonomy.

As noted above, there are many business factors that will affect the bottom line for PlusAI and their competitors. OEMs have always been brutal about this in working with their suppliers, because their customers are brutal about the cost of the end product. Thus, prompting fundamental questions: How much money can the autonomy offerors make? And is it enough to enable these companies to make a profit?

The public markets will no doubt have something to say about this.

Disclosure: Richard Bishop is an Advisor to and/or an equity holder in the following companies mentioned in this article: Aurora, PlusAI.