Autonomous trucking startup Kodiak Robotics to go public via SPAC

Self-driving truck startup Kodiak Robotics plans to go public via a merger with special purpose acquisition company Ares Acquisition Corporation II. The transaction values Kodiak, which has raised around $243 million to date, at about $2.5 billion pre-money. New and existing Kodiak institutional investors, like Soros Fund Management, ARK Investments, and Ares, have funded or committed over $110 million in financing to support the transaction, as well as about $551 million of cash held in trust. The deal is expected to close in the second half of 2025. Going public via SPAC is an interesting move at a time when the self-driving truck space has experienced some major hits, including high-profile players like Embark and TuSimple shutting down. SPACs have also lost much of their luster from the heyday of 2021, especially for capital-intensive companies like AV and EV startups. Kodiak does have something going for it, at least. It is revenue-generating, albeit that revenue is likely min ... Read full article.