May Mobility to go public in SPAC deal at $1.4B valuation

May Mobility to go public in SPAC deal at $1.4B valuation

Wed, September 16, 2026 at 3:30 PM GMT+3 2 min read

• ACGC 0.00%

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."

AI is moving fast. Axios AI+ keeps you ahead. Sign up free at Axios.com.