May Mobility is going public in a $1.4B SPAC deal
May Mobility has agreed to merge with SPAC ACP Holdings and will list publicly at a $1.4 billion valuation, in a deal that could provide the autonomous-vehicle company with more than $300 million in funding. The company says the transaction would make it the first U.S. public company focused solely on autonomous ride-hailing vehicles and supports its asset-light, partnership-first business model.
Why It Matters
The outcome will be an early test of investor appetite for a pure-play robotaxi company and for May Mobility’s strategy of selling vehicles to partners while retaining software and supervision services. Proceeds are intended to fund R&D to remove safety drivers, lower hardware costs, and expand deployments — core milestones for commercialization of autonomous taxis.
Key Facts
- Deal valuation: $1.4 billion
- Potential proceeds to May Mobility: More than $300 million
- PIPE amount: $120 million private investment in public equity
- SPAC trust contribution (max): Up to $217 million from ACP Holdings’ trust (subject to shareholder redemptions)
- SPAC sponsor: ACP Holdings Acquisition Corp., established by Atlas Credit Partners (Houston)
May Mobility said it will go public through a merger with ACP Holdings Acquisition Corp., positioning itself as a $1.4 billion company and potentially raising in excess of $300 million from the deal. The transaction includes a $120 million PIPE and access to as much as $217 million from the SPAC’s trust, though that latter amount could be lowered if ACP shareholders redeem their shares at merger time.
The company describes itself as an asset-light, partnership-first operator: rather than owning and running fleets, May Mobility sells autonomous vehicles to partner fleets while retaining control over remote supervision and software updates. Under that model it collects either fixed fees or per-trip licensing payments, a structure the company says differentiates it from other public firms that work on autonomy.
Founded in 2017, May Mobility currently deploys autonomous Toyota Siennas across three U.S. locations and has run more than 550,000 paid autonomous rides covering over 1 million miles. Its existing partners include Lyft in Atlanta, and it operates services in Eden Prairie and Grand Rapids, Minnesota. The company reported roughly $10 million in revenue last year against about $93 million in cash burn.
May Mobility has begun international trials in Japan and is planning additional commercial launches, including a planned Arlington, Texas deployment with Uber slated for late this year or early 2027. The company said it will use the proceeds from the merger to accelerate research and development — notably work aimed at removing safety drivers — invest in supply chain improvements to lower bill-of-materials costs, and fund new geographic rollouts, some of which it expects to announce later this year.
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