PlusAI and Churchill Capital Corp IX (NASDAQ:CCIX) have ended their planned business combination, the companies said, citing market conditions as the rationale for terminating the agreement. The change in plans means PlusAI will not enter public markets through the SPAC transaction and will instead seek other sources of capital.
PlusAI, based in Santa Clara, California, said in its statement that existing shareholders have committed to supporting a forthcoming capital raise. The company indicated that this backstop will underwrite its near-term funding needs as it pursues private-market alternatives.
Commercial operations and forward guidance
The autonomous truck software developer reported that its SuperDrive and HyperFoundry offerings are currently deployed in commercial operations. Management reiterated its revenue outlook, stating expectations for strong top-line performance in 2026 and continued growth projected for 2027. Those projections were highlighted by David Liu, CEO and Co-Founder of PlusAI, in the company statement.
"Our business has significant momentum. With strong expected revenue in 2026 and continued growth on the horizon in 2027, we are executing on our strategy and delivering real value to our customers," the company quoted Liu as saying.
Partnership network
PlusAI identified a roster of industry partners that support its commercial footprint. The company maintains collaborative relationships with major vehicle and technology firms and suppliers, including TRATON GROUP’s Scania, MAN, International brands, Hyundai Motor Company, Iveco Group, NVIDIA, Bosch, DSV, and Goodyear. PlusAI described these relationships as part of its operating ecosystem while it continues to scale commercial deployments.
Implications of the termination
With the business combination agreement terminated, PlusAI will move away from the pathway to public listing through Churchill Capital Corp IX and prioritize alternative funding approaches. The company has indicated that investor support for a private capital raise has been secured, though it did not provide further financing details in its announcement.
For stakeholders tracking developments in autonomous trucking software, the immediate consequences are that PlusAI will sustain operations through private funding and continue commercial deployment of its products while pursuing projected revenue growth in the coming years.