May Mobility to Go Public in $1.4 Billion SPAC Deal
May Mobility plans to go public via a SPAC merger that could raise over $300 million at a $1.4 billion valuation.
The SPAC, ACP Holdings Acquisition Corp., was established by Houston, Texas-based investment management company Atlas Credit Partners. The transaction includes a $120 million private investment in public equity, or PIPE, and up to $217 million from a trust account maintained by ACP Holdings. The amount going to May Mobility could be reduced if SPAC shareholders choose to redeem their stock at the time of the merger.
May Mobility said it would use the proceeds to fund more research and development, especially work on removing its safety drivers, and supply chain investments intended to lower its bill-of-materials costs. It is also targeting new geographic deployments, some of which it expects to announce later this year.
May Mobility describes its approach to autonomy as asset-light and partnership-first. Rather than owning and operating robotaxis itself, May Mobility sells autonomous vehicles to fleet partners over time while retaining control of remote supervision and software updates. It receives fixed fees or per-trip licensing fees in return.
Founded in 2017, May Mobility currently operates autonomous Toyota Siennas in three U.S. locations. It has a partnership with Lyft in Atlanta and offers rides in Eden Prairie and Grand Rapids, Minnesota. Those deployments helped the company generate around $10 million in revenue last year, with a cash burn of around $93 million. May Mobility has provided more than 550,000 paid autonomous rides to date, covering more than 1 million miles.
The company recently started its first trial deployment in Japan. It is planning commercial launches in Arlington, Texas, with Uber at the end of this year or in early 2027.
Once the merger is complete, May Mobility says it will stand apart from other public companies working on autonomy, including Tesla, Rivian, Alphabet's Waymo, and trucking-focused Aurora and Kodiak. The SPAC deal is therefore both a financial milestone and a test of whether investors will support a company dedicated solely to autonomous ride-hailing.