May Mobility to go public via $1.4B SPAC merger

Autonomous vehicle company May Mobility is merging with a special purpose acquisition company (SPAC) and will become publicly traded, the company said Wednesday, in a deal that could raise more than $300 million for May Mobility at a $1.4 billion valuation. Once complete, May Mobility says it will be the first U.S. public company focused entirely on autonomous ride-hailing, distinguishing it from public autonomy players like Tesla, Rivian, Alphabet (via Waymo), and trucking-focused Aurora and Kodiak.

The listing will test the stock market’s appetite for pure-play robotaxi ventures — and May Mobility’s own “asset-light,” “partnership-first” approach, in which it sells autonomous vehicles to fleet partners over time rather than owning and operating them itself, while keeping control of remote supervision and software updates in exchange for fixed fees or per-trip licensing revenue.

Founded in 2017, May Mobility currently runs autonomous Toyota Siennas in three U.S. locations: a partnership with Lyft in Atlanta, and rides in Eden Prairie and Grand Rapids, Minnesota. Those deployments generated around $10 million in revenue last year against a cash burn of around $93 million; the company has provided more than 550,000 paid autonomous rides covering more than 1 million miles to date. It recently launched its first trial deployment in Japan and is planning a commercial launch in Arlington, Texas, with Uber, by the end of this year or in early 2027.

May Mobility is merging with ACP Holdings Acquisition Corp., a SPAC set up by Houston-based Atlas Credit Partners, in a deal including a $120 million private-investment-in-public-equity transaction and up to $217 million from ACP Holdings’ trust account — though SPAC shareholders could redeem stock at the time of the merger, reducing the proceeds May Mobility ultimately receives. The company says it will use the money for R&D aimed at removing its safety drivers, supply-chain investments to cut vehicle costs, and new geographic deployments it plans to announce later this year.

Why it matters

May Mobility’s SPAC listing offers the market its first pure-play bet on robotaxis, at a moment when Tesla, Waymo, and trucking-focused rivals are all racing to prove autonomous fleets can turn a profit.