May Mobility is going public in a $1.4B SPAC deal

Autonomous vehicle company May Mobility is merging with a special purpose acquisition company (SPAC) and will become a publicly traded company. It’s a deal that could raise more than $300 million for May Mobility at a valuation of $1.4 billion, the company said Wednesday.

Once the merger is complete, May Mobility said it will be the first public company in the U.S. that is focused entirely on autonomous ride-hailing vehicles. This is meant to differentiate it from a number of other public companies working on autonomy, including Tesla, Rivian, Alphabet (with Waymo), and trucking-focused Aurora and Kodiak.

The move sets up May Mobility to be a test of the stock market’s appetite for pure-play robotaxi ventures.

It will also be a test of May Mobility’s approach to autonomy, which it pitches as “asset-light” and “partnership-first.” Instead of owning and operating the robotaxis, May Mobility’s business revolves around selling its autonomous...

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