Einride secures $113M PIPE ahead of 2026 public debut

The Swedish startup Einride, which builds electric and autonomous trucks, has secured an oversubscribed $113 million PIPE (Private Investment in Public Equity) ahead of its public debut, which is expected for the first half of 2026. The company announced its plans to go public via a merger with Legato Merger Corp., a special purpose acquisition company (SPAC), last November.

The transaction values Einride at a pre-money valuation of $1.35 billion. This valuation represents a decrease from the $1.8 billion figure initially attached to the SPAC deal. Despite the drop in valuation, the PIPE exceeded the company’s earlier target of up to $100 million. The oversubscribed PIPE funding comes from both new and existing investors, including a global asset management company based on the West Coast of the United States and Stockholm-based venture capital firm EQT Ventures.

In total, Einride has secured around $213 million in funding tied to this transaction. The companies now project total gross proceeds of about $333 million before redemptions and expenses, though they may seek additional capital before closing. The projected proceeds from the transaction are structured as follows:

• $113 million from the newly secured PIPE.
• $100 million in previously announced crossover financing.
• Roughly $220 million expected to be delivered from Legato’s trust account.

The proceeds from the transaction will support Einride’s technology roadmap, global expansion, and autonomous deployments in North America, Europe, and the Middle East. Outside of Sweden, the company operates a fleet of 200 heavy-duty electric trucks in Europe, North America, and the UAE. Its customers for these operations include Heineken, PepsiCo, Carlsberg Sweden, and DP World. The company has also completed limited deployments of its autonomous trucks with customers including Apotea in Sweden and GE Appliances in the United States.

Einride is following the path of other autonomous vehicle companies that have previously used SPAC mergers to enter the public markets. Aurora Innovation went public via a SPAC merger valued at $13 billion in 2021, and Kodiak AI completed its own SPAC merger in 2025.

Why it matters

Einride’s ability to secure oversubscribed funding despite a valuation haircut highlights continued investor interest in autonomous freight technology as the company prepares for its public debut.