Texas Ventures Acquisition III (Nasdaq: TVA) and PlusAI filed a registration statement for their proposed business combination with the SEC.
The deal values PlusAI at approximately $800 million in pre-money equity value, meaning its value before new capital. It is supported by up to approximately $300 million of capital, including $60+ million of fully committed financing and approximately $236 million in Texas Ventures III’s trust, subject to transaction terms and conditions. The registration statement includes a preliminary proxy statement/prospectus and is not yet effective.
Upon closing, the combined company will operate as PlusAI and is expected to list on Nasdaq as PXAI. PlusAI expects the transaction to provide capital for its targeted 2027 commercial launch of factory-built autonomous trucks. PlusAI has generated $25 million in year-to-date revenue through HyperFoundry.
PlusAI, a physical AI company developing virtual driver software for autonomous trucks, and Texas Ventures Acquisition III Corp (TVA) have signed a definitive business combination agreement valuing PlusAI at an $800 million pre-money equity value.
The transaction is expected to provide up to approximately $300 million of capital, comprising $60+ million of fully committed financing, including capital from funds managed by Yorkville Advisors, and the Texas Ventures III trust of about $236 million. The financing is expected to meet the minimum cash condition and fund PlusAI’s commercialization roadmap through 2027, including OEM integration and a targeted 2027 commercial launch of factory-built autonomous trucks using its Level 4 SuperDrive™ system.
PlusAI’s HyperFoundry™ platform has generated $25 million of revenue and is targeting $40–50 million of contracted revenue in 2026. The boards of both companies unanimously approved the deal, which is expected to close in 2026, after which the combined company will operate as PlusAI.
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