Texas Ventures, PlusAI plan $800M SPAC deal

Texas Ventures Acquisition III Corp (TVA) is party to a proposed business combination under which Plus Automation, Inc. (PlusAI) plans to become a publicly listed company at a pre-money valuation of approximately $800 million.

Rhea-AI Filing Summary

Texas Ventures Acquisition III Corp (TVA) is party to a proposed business combination under which Plus Automation, Inc. (PlusAI) plans to become a publicly listed company at a pre-money valuation of approximately $800 million. The transaction potentially brings up to about $300 million in capital, including over $60 million of fully committed financing and the Texas Ventures trust of approximately $236 million, to support PlusAI’s commercialization roadmap. PlusAI reports having generated $25 million in revenue through HyperFoundry™ and is targeting $40–50 million in contracted revenue for 2026, alongside a targeted 2027 launch of factory-built autonomous trucks powered by SuperDrive™.

Positive

• Proposed business combination values PlusAI at approximately $800 million pre-money, signaling a sizable de-SPAC transaction for TVA.
• Transaction could provide PlusAI with up to about $300 million in capital, including $60+ million committed and a $236 million SPAC trust, to fund commercialization.
• PlusAI has already generated $25 million in revenue via HyperFoundry™ and is targeting $40–50 million in contracted revenue for 2026, indicating early commercial traction.

Negative

• None.

Key Figures

Pre-money valuation: $800 million Potential transaction capital: $300 million Fully committed financing: $60+ million +5 more

8 metrics

Pre-money valuation $800 million Valuation of PlusAI in the business combination with Texas Ventures Acquisition III Corp

Potential transaction capital $300 million Maximum capital the business combination could bring to PlusAI

Fully committed financing $60+ million Portion of capital identified as fully committed for the transaction

SPAC trust size $236 million Approximate size of Texas Ventures Acquisition III Corp trust referenced in the transaction

Revenue generated through HyperFoundry™ $25 million Revenue already generated by PlusAI from HyperFoundry™

Targeted contracted revenue for 2026 $40–50 million PlusAI’s targeted contracted revenue for 2026

Current truck driver miles per year 100,000 miles Typical annual miles driven by truck drivers today, as stated in industry insights

Potential autonomous truck miles per year 250,000 miles Possible annual miles autonomous trucks could drive, illustrating near-continuous use

Key Terms

business combination, Physical AI, commercialization roadmap, National Automated Vehicle Strategy, +2 more

6 terms

business combination financial

"PlusAI announced a definitive agreement to become publicly listed through a business combination with Texas Ventures Acquisition III Corp."

A business combination happens when two or more companies join together to operate as one, like two friends merging their teams into a single group. This is important because it can change how companies grow, compete, and make money, often making them bigger and more powerful in the market.

Physical AI technical

"PlusAI has joined Arm’s Total Design for Physical AI program as an inaugural member"

Physical AI combines artificial intelligence with physical devices or environments, enabling machines to interact with and adapt to the real world in a human-like way. It matters to investors because it can lead to smarter robots, autonomous vehicles, or advanced sensors that improve efficiency and open new markets, potentially creating significant business opportunities and competitive advantages.

commercialization roadmap financial

"This will support PlusAI’s execution of its commercialization roadmap, including continued OEM integration"

National Automated Vehicle Strategy regulatory

"The U.S. Department of Transportation has released a new National Automated Vehicle Strategy"

commercial driver’s license regulatory

"The Federal Motor Carrier Safety Administration has removed 110 commercial driver’s license training schools"

contracted revenue financial

"and $40-50 million in contracted revenue targeted for 2026"

Contracted revenue is the amount of money a business expects to receive because customers have signed binding agreements for goods or services over a set period. For investors it shows how much future cash is already promised, reducing uncertainty about sales — like having customers hand you a schedule of payments in advance — which helps assess growth potential, valuation and risk compared with one-off or uncertain sales.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What business combination involving TVA and PlusAI is described in this Form 425?

PlusAI plans to become a publicly listed company through a business combination with Texas Ventures Acquisition III Corp (TVA), in a transaction that values PlusAI at approximately $800 million pre-money and is intended to support its autonomous trucking commercialization roadmap.

How much capital could PlusAI receive from the TVA business combination?

The transaction potentially brings up to approximately $300 million in capital to PlusAI, including over $60 million of fully committed financing and the Texas Ventures Acquisition III Corp trust of approximately $236 million, subject to transaction completion and related conditions.

What revenue figures for PlusAI are highlighted in the TVA (TVA) communication?

PlusAI reports $25 million in revenue already generated through HyperFoundry™ and is targeting $40–50 million in contracted revenue for 2026, illustrating its shift from pure technology development toward scaled commercial deployment of autonomous trucking solutions.

When does PlusAI target launching factory-built autonomous trucks under the TVA deal?

PlusAI targets a 2027 launch of factory-built autonomous trucks powered by its SuperDrive™ system. The potential capital from the business combination with TVA is intended to help fund this commercialization roadmap and related OEM integration work.

What is PlusAI’s role in the Physical AI ecosystem mentioned with TVA?

PlusAI has joined Arm’s Total Design for Physical AI program as an inaugural member, becoming part of an ecosystem spanning cloud, AI software, compute, sensors, and devices aimed at accelerating development and deployment of increasingly sophisticated Physical AI systems, including autonomous trucking.

What industry conditions supporting autonomous trucking are noted in the TVA-related newsletter?

The newsletter notes driver shortages, pressure to move freight more efficiently, a new U.S. National Automated Vehicle Strategy, and an FMCSA crackdown on CDL training fraud as factors that could support long-term investment and deployment of autonomous trucking solutions such as those developed by PlusAI.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 09/15/2026 - 06:01 AM Accepted by SEC EDGAR 09/14/2026 - 05:39 PM Learn about SEC filing dates

Filed by Texas Ventures Acquisition III Corp

Pursuant to Rule 425 under the Securities Act of 1933

and deemed filed pursuant to Rule 14a-12

under the Securities Exchange Act of 1934

Subject Company: 

Texas Ventures Acquisition III Corp

Commission File No.: 001-42609

On September 14, 2026, Plus Automation, Inc., distributed the below newsletter, including information relating to its recently announced business combination agreement with Texas Ventures Acquisition III Corp.

View in browser Momentum Newsletter September 14, 2026 It’s been a busy summer here at PlusAI. From announcing our plans to become apublicly listed company to working to expand our role in the Physical AI ecosystem,we’re continuing to push ahead on our commercialization plans. We’re excited aboutthe momentum we’re building and the opportunities ahead to bring autonomoustrucking to scale. Latest from PlusAI PlusAI Announces Plans to Become a Publicly Listed Company PlusAI announced a definitive agreement to become publicly listed through abusiness combination with Texas Ventures Acquisition III Corp., in atransaction valuing PlusAI at approximately $800 million pre-money. Thetransaction potentially brings up to approximately $300 million in capitalbetween $60+ million of fully committed financing and the Texas Ventures Nasdaq congratulates plus AIon their announced business combination agreement with Texas ventures acquisition.

Acquisition III Corp trust of approximately $236 million. This will support PlusAI’s execution of its commercialization roadmap, including continued OEM integration and the targeted 2027 launch of factory-built autonomous trucks powered by SuperDrive™. With $25 million in revenue already generated through HyperFoundry™ and $40-50 million in contracted revenue targeted for 2026, the transaction represents another important milestone in PlusAI’s evolution from technology development to scaled commercial deployment. [Press Release] PlusAI Joins Arm Total Design for Physical AI Program PlusAI has joined Arm’s Total Design for Physical AI program as an inaugural member, becoming part of an ecosystem of companies working to accelerate the development and deployment of Physical AI. The program connects capabilities across the technology stack, from cloud and AI software to compute, operating systems, sensors, tools, and devices to help enable increasingly sophisticated Physical AI systems. PlusAI’s participation reinforces the company’s position at the forefront of Physical AI and its commitment to collaborating across the ecosystem to advance the next generation of intelligent machines. [Arm] CFO Bryant Park Shares Outlook for AVs at Canaccord Growth Conference At the Canaccord Growth Conference, PlusAI CFO Bryant Park discussed the company’s growth strategy, capital-efficient business model, secured distribution channels, and opportunity to scale autonomous trucking. Bryant highlighted the growing demand for autonomous solutions as the trucking industry faces persistent driver shortages and increasing pressure to move freight more efficiently. He also outlined how PlusAI’s technology and business model are designed to support scalable commercial deployment, reinforcing the company’s confidence in the long-term opportunity ahead. PlusAI Participates in the Southeast Commercial Motor Vehicle Summit. PlusAI’s VP of Policy and Government Affairs Earl Adams, Jr. participated in the Southeast Commercial Motor Vehicle Summit, engaging with industry leaders and policymakers on the future of commercial transportation and the role autonomous technology can play in improving the safety, efficiency, and resilience of freight movement. He also shared how PlusAI is working closely with OEM partners like International to safely deploy autonomous trucks at scale in the U.S.

Industry Insights U.S. Department of Transportation Unveils National Automated Vehicle Strategy The U.S. Department of Transportation has released a new National Automated Vehicle Strategy focused on creating the regulatory certainty and interoperability needed to accelerate AV deployment. The framework recognizes that while safety and innovation remain foundational, consistent rules and standards will be critical to enabling AV systems to scale across state lines, transportation networks, and operating environments. For autonomous trucking, greater regulatory clarity and interoperability could help unlock long-term investment, accelerate deployment, and support the transition from individual pilots to scaled commercial operations. [Department of Transportation] Federal Officials Close 110 CDL Schools in Crackdown on Training Fraud The Federal Motor Carrier Safety Administration (FMCSA) has removed 110 commercial driver’s license training schools from its registry as part of a nationwide crackdown on fraud and safety violations. FMCSA is also auditing third-party CDL skills testers and has proposed removing more than 160 additional training providers. The crackdown could add pressures to driver qualification and safety in the trucking industry, further highlighting the potential for autonomous trucking to address critical driver shortage and safety challenges. [Commercial Carrier Journal] Did You Know

Double the Use, Double the Productivity One of the biggest potential benefits of autonomous trucking is the ability to double truck utilization. Without the same human-driver time constraints, autonomous trucks could operate for significantly longer periods, thereby increasing freight capacity and the productivity of each vehicle. Truck drivers today average about 100,000 miles per year, but autonomous trucks can drive about 250,000 miles per year. Reuters recently described this as the possibility of turning trucks into “near-continuous-use assets.” [Reuters] PlusAI, Inc., 2953 Bunker Hill Ln, Suite 305, Santa Clara, California 95054, USA Unsubscribe Manage preferences