Kodiak Robotics, a company specializing in autonomous truck technology, announced plans to go public in the U.S. later this year through a merger with blank-check firm Ares Acquisition Corporation II. The merger values Kodiak at $2.5 billion. The new entity will be named Kodiak AI, with approximately $551 million in cash held in Ares Acquisition's trust account upon completion.
Investors, including Soros Fund Management, ARK Invest, and Ares Management, have committed over $110 million to the deal. Founded in 2018, Kodiak focuses on developing autonomous driving technology for trucks, generating recurring revenue by transporting goods for U.S. clients using self-driving trucks in the Permian Basin. Earlier this year, Kodiak delivered its first autonomous trucks, called "robot trucks," to oilfield services company Atlas Energy Solutions, which has committed to an initial order of 100 trucks.
Based in Mountain View, California, Kodiak's autonomous software has logged over 2.6 million miles in real-world conditions. The company's growth comes amid a driver shortage and increasing demand for faster deliveries, driving the need to reduce transportation and logistics costs. The merger is expected to conclude in the second half of 2025, and Kodiak's common stock will trade under the ticker "KDK." The company has not specified the exchange.
