PlusAI, an AI firm focused on autonomous trucking, has agreed to go public via a merger with a blank-check company backed by funds managed by Yorkville Advisors Global, according to Bloomberg.
The deal would put Plus Automation Inc., known as PlusAI, at an $800 million pre-money equity valuation before the merger with Texas Ventures Acquisition III Corp., Bloomberg reported Wednesday.
The deal, expected to close this year, would provide PlusAI with up to about $300 million in capital. That would include $236 million from the special purpose acquisition company's trust and over $60 million in fully committed financing.
The anticipated merger would be PlusAI's third attempt to go public, according to a report from MarketWatch. In 2021, the company intended to merge with Hennessy Capital Investment Corp. V, which could have valued it at about $3.3 billion, but it later axed the plan.
Last year, PlusAI also announced a planned merger with Churchill Capital Corp IX, but later terminated the deal in April 2026 due to "market conditions."
PlusAI said it is targeting $40 million to $50 million in contracted revenue for this year, according to MarketWatch. The company said HyperFoundry, its platform for building and validating physical AI, has generated $25 million in revenue.
The Latent has reached out to PlusAI for further information.