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PlusAI Targets Year-End Close on $800M SPAC Merger

Autonomous trucking developer PlusAI expects to complete its merger with Texas Ventures Acquisition III Corp. by year-end. The deal values the company at $800 million pre-money equity value and is projected to bring approximately $300 million in total capital. This combines more than $60 million in committed financing with roughly $236 million from the SPAC trust. Yorkville Advisors, the financial backer, committed significant funds alongside new and existing investors. The committed capital alone satisfies minimum cash requirements and is expected to fund operations through 2027. PlusAI's HyperFoundry platform generated $25 million in revenue this year, with the company targeting $40 million to $50 million in contracted revenue for 2026. The combined entity will trade on Nasdaq, expanding access to institutional investors. This follows PlusAI's April termination of a Churchill Capital Corp IX merger.