May Mobility to go public via $1.4B SPAC merger
Autonomous ride-hailing company May Mobility is merging with a special purpose acquisition company, a deal expected to raise more than $300 million and value the company at $1.4 billion. The company says it will become the first U.S. public company focused solely on autonomous ride-hailing.
May Mobility, a company building autonomous ride-hailing vehicles, announced Wednesday it is merging with special purpose acquisition company ACP Holdings Acquisition Corp., which was set up by Houston-based investment firm Atlas Credit Partners. The deal could raise over $300 million for May Mobility and values the company at $1.4 billion.
Once completed, the merger will make May Mobility the first publicly traded U.S. company dedicated entirely to autonomous ride-hailing, setting it apart from other public autonomy players such as Tesla, Rivian, Alphabet's Waymo, and freight-focused Aurora and Kodiak.
Deal structure and business approach
The merger includes a $120 million private investment in public equity (PIPE) component, plus up to $217 million from a trust account held by ACP Holdings — though SPAC shareholders may redeem shares at the time of the merger, potentially lowering the final amount raised.
May Mobility describes its strategy as "asset-light" and "partnership-first": rather than owning and running its own robotaxi fleet, the company sells autonomous vehicles to fleet partners over time while retaining control over remote supervision and software updates, earning fixed or per-trip licensing fees in return.
Current operations
Founded in 2017, May Mobility currently runs autonomous Toyota Sienna vehicles in three U.S. locations: a partnership with Lyft in Atlanta, and rides offered in Eden Prairie and Grand Rapids, Minnesota. These operations generated roughly $10 million in revenue last year, against a cash burn of about $93 million. The company has delivered more than 550,000 paid autonomous rides covering over 1 million miles to date.
May Mobility recently launched a trial deployment in Japan and plans a commercial launch in Arlington, Texas, in partnership with Uber, by late this year or early 2027. Proceeds from the merger will go toward research and development — particularly efforts to remove safety drivers — as well as supply chain investments aimed at cutting vehicle production costs, with new geographic deployments expected to be announced later this year.
