Plus AI Aims for Public Listing via SPAC Merger

Autonomous trucking company PlusAI recently announced it has entered into a definitive business combination agreement with special purpose acquisition company (SPAC) Texas Ventures Acquisition III Corp, aiming to go public through the merger. Upon completion of the transaction, the combined company will operate under the PlusAI name and is expected to complete its IPO in May 2025. Founded in 2016 and headquartered in California, PlusAI maintains R&D and operational teams in China and focuses on the development and commercialization of Level 4 autonomous heavy-duty trucking technology. This marks its third attempt to pursue capitalization via a SPAC route. The first two SPAC mergers were both terminated: the initial one in 2021 due to changes in U.S. stock market regulations, and the second—originally slated for completion between 2025 and 2026—was later called off citing "market conditions." In 2023, PlusAI completed a business split, with its China operations acquired by Full Truck Alliance (Manbang). To date, its Level 4 fully driverless heavy trucks have not yet achieved large-scale commercial deployment.