PlusAI, Churchill Capital scrap SPAC deal, citing market conditions
Autonomous trucking developer PlusAI and Churchill Capital Corp IX have terminated their planned business combination, citing market conditions.
The companies said April 21 they mutually agreed to walk away from the previously announced SPAC transaction, which would have taken PlusAI public via the special purpose acquisition company.
Despite the cancellation, PlusAI signaled it is moving ahead with its commercialization plans, backed by existing investors.
CEO and co-founder David Liu said the company is seeing “significant momentum,” with revenue expected to grow through 2026 and into 2027. He pointed to continued progress with the company’s SuperDrive autonomous trucking system and its HyperFoundry production initiative.
“Our business has significant momentum…we are executing on our strategy and delivering real value to our customers,” Liu said in a statement, adding investor support for a future capital raise reflects confidence in the company’s fundamentals.
PlusAI develops AI-based virtual driver software designed for factory-built autonomous trucks. It has partnerships with major global OEMs and suppliers, including Traton Group brands Scania, MAN and International, as well as Hyundai Motor Company, Iveco Group, Nvidia and Bosch.
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