What's the deal? Plus Automation (PlusAI), a physical AI company building virtual driver software for autonomous trucks, will list publicly by merging with Texas Ventures Acquisition III Corp, a special purpose acquisition company (SPAC). The deal values PlusAI at roughly $800 million pre-money equity value, and the combined company will operate as PlusAI. The terms: The transaction could bring up to about $300 million in capital, combining more than $60 million of fully committed financing with Texas Ventures III's trust of roughly $236 million. Texas Ventures III is backed by funds managed by Yorkville Advisors, an asset manager that has completed transactions valued at over $9 billion since 2001. The numbers: PlusAI's HyperFoundry platform, which develops and validates autonomous systems, has generated $25 million in revenue year-to-date. The company is targeting $40–50 million of contracted revenue in 2026. What's the endgame? PlusAI runs two product lines: HyperFoundry, its revenue-generating software platform, and SuperDrive, a Level 4 autonomous driving system for commercial trucks. It is deploying SuperDrive in fleet trials and estimates a $1 billion-plus annual recurring revenue opportunity at scale through a recurring Driver-as-a-Service model. Why now? The deal lands as PlusAI reports accelerating commercial momentum. It is operating autonomous freight routes in Texas with Ryder and International, and working with truck manufacturers TRATON, Hyundai, and IVECO toward a 2027 commercial launch of factory-built autonomous trucks integrated with SuperDrive. "HyperFoundry is generating revenue today while SuperDrive advances toward commercial launch in 2027," said David Liu, co-founder and chief executive officer of PlusAI. He said the combination of near-term revenue and a capital-efficient software model positions the company for long-term growth. The capital-efficient bet: PlusAI's OEM-led software model relies on partners to build vehicles, letting the company scale deployment and expand globally without owning fleets. It aims at the $1.7 trillion