Self-driving tech company May Mobility plans to go public via a SPAC merger at a $1.4B pro forma enterprise value and raise up to $337M in gross proceeds

If you have invested in other AV SPACs, this deal offers a new way to play the robotaxi market without direct fleet exposure.

Self-driving technology company May Mobility announced its intention to go public through a SPAC merger with ACP Holdings Acquisition Corp., a subsidiary of Atlas Credit Partners. The deal values May Mobility at a pro forma enterprise value of $1.4 billion and aims to raise up to $337 million in gross proceeds. May Mobility will be the first U.S. public company solely focused on autonomous ride-hailing. The company's "asset-light" strategy involves selling autonomous vehicles to fleet partners and earning fees, rather than owning and operating them. Founded in 2017, May Mobility generated approximately $10 million in revenue last year with a $93 million cash burn. It currently operates in three U.S. locations and is expanding to Texas with Uber, and has initiated a trial in Japan. The raised capital will fund research and development, supply chain investments, and new geographic deployments.

May Mobility's planned public debut via SPAC signals continued investor interest in the autonomous vehicle sector, particularly for pure-play robotaxi ventures. Its "asset-light" model, which focuses on selling technology and software to fleet operators rather than owning and managing vehicles, presents a potentially less capital-intensive path to scaling compared to competitors like Waymo.

This move could validate an "asset-light" approach to autonomous ride-hailing, potentially influencing how other AV startups structure their businesses and seek funding. Investors will be closely watching May Mobility's ability to execute its partnership-first strategy and achieve profitability given its significant cash burn, especially as it aims to remove safety drivers and expand globally.