May Mobility’s $1.4B SPAC Deal Puts Robotaxi Model to a Public-Market Test

May Mobility is merging with ACP Holdings Acquisition Corp., a special purpose acquisition company established by Houston-based Atlas Credit Partners. The transaction could raise more than $300 million for May Mobility at a $1.4 billion valuation. The funding package includes a $120 million private investment in public equity transaction and up to $217 million from ACP Holdings’ trust account. SPAC shareholder redemptions could reduce the final amount that goes to May Mobility.

Once the merger is complete, May Mobility says it will be the first public company in the U.S. focused entirely on autonomous ride-hailing vehicles. That positioning is meant to set it apart from broader autonomy players such as Tesla, Rivian, Alphabet’s Waymo, Aurora, and Kodiak. The listing will be a public-market test of investor appetite for a focused robotaxi business. It will also test whether May Mobility’s partnership-first model can stand out in a capital-intensive sector.

May Mobility describes its strategy as “asset-light” and “partnership-first.” Rather than owning and operating robotaxis itself, the company says it plans to sell autonomous vehicles to fleet partners over time while retaining control of remote supervision and software updates. In return, May Mobility receives either fixed fees or per-trip licensing fees. That structure puts execution, partner demand, and software performance at the center of the company’s public-market story.

Founded in 2017, May Mobility currently operates autonomous Toyota Siennas in three U.S. locations, including a Lyft partnership in Atlanta and ride offerings in Eden Prairie and Grand Rapids, Minnesota. The company generated around $10 million in revenue last year, with a cash burn of around $93 million, and has provided more than 550,000 paid autonomous rides covering more than 1 million miles. It has also started a trial deployment in Japan and is planning commercial launches in Arlington, Texas, with Uber at the end of this year or in early 2027. May Mobility says proceeds will support research and development, especially work toward removing safety drivers, plus supply-chain investments and new geographic deployments.