Autonomous vehicle company May Mobility announced on Wednesday that it is merging with a special purpose acquisition company (SPAC), ACP Holdings Acquisition Corp., to become a publicly traded entity. This deal could raise more than $300 million for May Mobility, valuing the company at $1.4 billion.
May Mobility stated that once the merger is complete, it will be the first public company in the U.S. exclusively focused on autonomous ride-hailing vehicles. The company's business model is described as "asset-light" and "partnership-first," involving the sale of autonomous vehicles to fleet partners while maintaining control over remote supervision and software updates.
The company, founded in 2017, currently operates autonomous Toyota Siennas in three U.S. locations, including partnerships with Lyft in Atlanta and services in Eden Prairie and Grand Rapids, Minnesota. Last year, May Mobility generated around $10 million in revenue and recorded a cash burn of approximately $93 million. It has provided over 550,000 paid autonomous rides, covering more than 1 million miles.
May Mobility recently launched its first trial deployment in Japan and plans commercial launches in Arlington, Texas, with Uber, by the end of this year or early 2027. The proceeds from the merger are earmarked for further research and development, particularly concerning the removal of safety drivers, and for supply chain investments aimed at reducing bill-of-materials costs. The company also anticipates announcing new geographic deployments later this year.