PlusAI Goes Public via $800M Pre-Money SPAC Merger with Texas Ventures Acquisition III

Autonomous-trucking developer PlusAI announced a business combination with Texas Ventures Acquisition III Corp at an $800M pre-money valuation, unlocking up to ~$300M in cash from $60M+ in committed PIPE-style financing and the SPAC's ~$236M trust. The company says its HyperFoundry platform has generated $25M in revenue to date and is targeting $40–50M in 2026 contracted revenue, with proceeds funding a 2027 factory-built SuperDrive launch. This is PlusAI's second SPAC attempt after terminating its Churchill Capital IX deal in April.