May Mobility plans to become a publicly traded company through a merger with ACP Holdings Acquisition Corp., a special purpose acquisition company (SPAC), in a deal that could provide more than $300 million in funding and value the autonomous vehicle company at approximately $1.4 billion. According to the company’s official announcement, the transaction would make it the first publicly listed U.S. company focused entirely on autonomous ride-hailing technology.
The proposed listing comes as several public companies continue to develop autonomous driving technologies, including Tesla, Alphabet’s Waymo, Rivian, Aurora, and Kodiak. May Mobility’s public debut will provide a new point of reference for investor interest in companies whose primary business centers on robotaxi services.
Partnership-Focused Approach
Founded in 2017, May Mobility operates what it describes as an asset-light business model. Rather than owning and operating robotaxi fleets directly, the company plans to sell autonomous vehicles to fleet partners while retaining control over software updates and remote supervision.
The company generates revenue through fixed fees or per-trip licensing arrangements. May Mobility said this approach allows fleet partners to operate vehicles while the company continues to manage the autonomous driving platform.
Current Operations And Revenue
May Mobility currently operates autonomous Toyota Sienna vehicles in three locations across the United States. The company has partnered with Lyft in Atlanta and provides autonomous ride services in Eden Prairie and Grand Rapids, Minnesota.
The company reported approximately $10 million in revenue last year and a cash burn of about $93 million. To date, it has completed more than 550,000 paid autonomous rides and recorded over one million autonomous miles.
May Mobility recently launched its first trial deployment in Japan. It is also preparing a commercial autonomous ride-hailing launch in Arlington, Texas, through a partnership with Uber, with operations expected to begin later this year or in early 2027.
Merger Details And Expansion Plans
The transaction includes a $120 million private investment in public equity (PIPE) financing arrangement. May Mobility could also receive up to $217 million from ACP Holdings’ trust account, although the final amount may be reduced if SPAC shareholders choose to redeem their shares before the merger closes.
The company said it plans to use the proceeds to support research and development efforts, including work aimed at removing safety drivers from its vehicles. Funding will also be directed toward supply-chain investments intended to lower bill-of-materials costs.
May Mobility is also targeting additional geographic expansion. The company said it expects to announce new deployment locations later this year as it continues to broaden its autonomous ride-hailing operations.
Featured image credits: Wikimedia Commons
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