Autonomous trucking technology company PlusAI has terminated its previously announced SPAC merger with Churchill Capital Corp. IX, citing market conditions as the reason for ending the proposed transaction.
The decision was confirmed on Tuesday in an announcement from PlusAI, which nevertheless struck an upbeat tone about the company’s commercial outlook and long-term growth prospects.
PlusAI said it continues to build momentum in the market and remains confident in its business trajectory. The company added that its existing investors are still backing its commercialisation plans and upcoming capital raise.
Chief executive and co-founder David Liu said the business is seeing significant momentum and is expecting strong revenue in 2026, with further growth anticipated in 2027. He said the company is continuing to execute its strategy and deliver tangible value to customers, while its SuperDrive platform is already proving itself in live commercial operations and HyperFoundry is also gaining traction.
Liu added that continued support from existing investors reflects their confidence in both the business fundamentals and the technology.
The announcement follows recent product developments. In March, PlusAI unveiled major upgrades to its SuperDrive 6.0 autonomous trucking platform.
The company is currently involved in an autonomous trucking trial in Texas in partnership with International and Ryder.
PlusAI’s broader ecosystem includes global manufacturing partners such as TRATON Group brands Scania, MAN and International, Hyundai Motor Company and Iveco Group, as well as technology and logistics partners including NVIDIA, Bosch, DSV and Goodyear.
Its investor base includes Sequoia Capital China, FountainVest Partners, ClearVue Partners, Amazon, Mayfield and others, all of whom the company said continue to support its next stage of growth.
