PlusAI has moved a step closer to becoming a publicly traded company, filing registration documents with the US Securities and Exchange Commission for its proposed merger with special purpose acquisition company Texas Ventures Acquisition III Corp.
The transaction, first announced in September, values autonomous driving technology developer PlusAI at approximately $800 million in pre-money equity value and could provide the company with up to approximately $300 million in capital.
PlusAI says the funding will support its plans for the commercial launch of factory-built autonomous trucks powered by its SuperDrive virtual driver software, targeted for 2027.
The company is currently operating autonomous freight routes in Texas with Ryder and International and is working with truck manufacturers including Traton Group, Hyundai and Iveco on factory integration of its technology.
Progress toward public listing
PlusAI and Texas Ventures Acquisition III announced their definitive business combination agreement on September 3, 2026.
The companies have now filed a registration statement on Form S-4 with the SEC, including a preliminary proxy statement and prospectus for the proposed transaction.
The registration statement has not yet been declared effective by the SEC, and the business combination remains subject to the terms and conditions of the transaction.
If completed, the combined company will operate as PlusAI and is expected to list on Nasdaq under the ticker symbol “PXAI”.
The proposed transaction is supported by up to approximately $300 million of capital, comprising more than $60 million of fully committed financing and approximately $236 million currently held in the Texas Ventures III trust.
David Liu, co-founder and CEO of PlusAI, says: “This filing is another important step toward completing our business combination and becoming a publicly traded company.
“We remain focused on execution as we advance SuperDrive toward the targeted 2027 commercial launch of factory-built autonomous trucks with our global OEM partners. At the same time, HyperFoundry is generating revenue today by monetizing the proprietary Physical AI capabilities we have built over a decade.
“We believe the public markets can provide PlusAI with the capital and platform to execute our commercialization roadmap and build a global leader in Physical AI.”
Factory-built autonomous trucks
PlusAI’s strategy centers on integrating its SuperDrive autonomous driving system into trucks at the factory rather than relying solely on retrofitting existing vehicles.
The company is working with Traton Group, Hyundai and Iveco as it prepares for its targeted 2027 commercial launch.
PlusAI is also operating autonomous freight routes in Texas with Ryder and International.
Alongside its autonomous trucking program, the company is generating revenue through HyperFoundry, a platform designed to commercialize physical AI capabilities developed by PlusAI.
The company says HyperFoundry has generated $25 million in revenue year-to-date.
The S-4 filing represents another regulatory step toward completing the proposed merger. Subject to completion of the transaction, PlusAI expects the public listing to provide additional capital for the commercialization of SuperDrive and its broader physical AI technology.
