May Mobility to go public in SPAC deal at $1.4B valuation
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May Mobility is going public in a SPAC deal. Photo courtesy of May Mobility.
Self-driving tech company May Mobility has reached a deal to go public via a merger with a SPAC affiliated with Atlas Credit Partners.
Why it matters: The deal is a test of public-market appetite for autonomous vehicle companies, with May pitching investors on a relatively capital-light alternative to the fleet-owning robotaxi model.
Driving the news: The transaction with ACP Holdings Acquisition Corp. implies a $1.4 billion pro forma enterprise value and could provide the Ann Arbor, Mich.-based AV startup with up to $337 million in gross proceeds.
- That includes $217 million from the SPAC's trust, assuming no redemptions, plus a $120 million fully committed from private investors through a so-called PIPE financing.
- An Atlas Credit Partners affiliate is co-anchoring the PIPE.
- Proceeds are expected to fund R&D, hardware cost reductions and expansion in the U.S. and overseas.
The big picture: Unlike vertically integrated robotaxi operators that own and operate their fleets, May is transitioning toward an "Autonomy-as-a-Service" model in which partners shoulder vehicle ownership, depot and maintenance costs while May provides the self-driving technology.
- May receives fixed or per-trip licensing fees.
- The tech licensing approach is central to May's pitch that it can scale without the enormous capital requirements associated with building and operating robotaxi fleets.
By the numbers: May generated about $10 million in revenue in 2025, with a 27% gross margin, while burning about $93 million in cash.
- The company is targeting long-term gross margins of up to 70 percent and EBIT margins of up to 30 percent.
- May, which has raised around $445 million since its 2017 founding, says it has provided more than 550,000 commercial autonomous rides over 1.1 million miles and currently operates commercially in three U.S. locations.
- Its partners include Toyota, Uber, Lyft, Grab, NTT and China's CaoCao.
What's next: May and ACP expect the deal to close by year-end, after which May Mobility would trade on Nasdaq under the ticker "MAY."
