Churchill Capital Corp IX (CCIX, Financial) has entered into a definitive agreement with Plus Automation, a company working on AI-driven virtual driver technology for autonomous trucks. This merger will result in a new entity called PlusAI. Established in Silicon Valley in 2016, Plus has been developing SuperDrive, a self-driving system specifically designed for heavy commercial trucks. The company is testing this system on public roads in Texas and Sweden, with plans for more fleet trials by fall 2025.
Plus aims to commercially launch SuperDrive-enabled autonomous trucks in 2027, starting in the U.S., then expanding to Europe. To support this, Plus has operational bases in California, Texas, and Germany. The merger values Plus at $1.2 billion before the transaction and is expected to yield $300 million from Churchill IX's trust fund. Plus plans to use these funds to maintain a debt-free status and support its planned 2027 commercial launch.
The boards of both Plus and Churchill IX have unanimously approved the merger, which is expected to close in the fourth quarter, pending customary conditions, including shareholder approvals from both entities.
