- Kodiak Robotics to go public through a merger with Ares Acquisition Corporation II, valued at $2.5 billion.
- Kodiak's platform has logged over 2.6 million autonomous miles in real-world conditions.
- The merger is expected to close in the second half of 2025, with the combined entity to be named Kodiak AI, Inc.
Kodiak Robotics, a leader in AI-powered autonomous vehicle technology, has announced a definitive business combination agreement with Ares Acquisition Corporation II (AACT, Financial). The transaction values Kodiak at a pre-money equity valuation of $2.5 billion. Upon completion, the combined company will be named Kodiak AI, Inc., and will trade under the ticker symbols KDK and KDK WS.
The deal includes approximately $551 million in cash held in trust and over $110 million in additional funding from investors such as Soros Fund Management, ARK Investments, and Ares. The merger is anticipated to close in the second half of 2025, pending customary closing conditions and stockholder approvals.
Kodiak's Driver-as-a-Service model generates recurring revenue, particularly in the Permian Basin, with Atlas Energy Solutions (NYSE: AESI) making a firm commitment to order 100 autonomous trucks. The company has achieved significant milestones, including logging more than 2.6 million autonomous miles and pioneering driverless trucks in commercial operations.
The company's platform is designed for scalability and adaptability across various vehicle types, aiming to capitalize on a $1 trillion domestic market opportunity, with the potential to tap into a $4 trillion global market. The merger aims to provide Kodiak with the capital required to scale operations and enhance partnerships with established logistics players such as J.B. Hunt and Werner Enterprises.
