The hard-working and hard-living American trucker of lore is potentially at risk following the decision by Swedish autonomous trucking company Einride to launch an IPO.
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Einride said today it had agreed to go public in the U.S. through a merger with SPAC firm Legato Merger Corp III (LEGT) in a deal valuing the company at $1.8 billion.
Driving Tech
Founded in 2016 and headquartered in Stockholm, Sweden, Einride’s business is based on self-driving technology for freight trucks. It provides end-to-end freight services for both driver operated heavy-duty commercial electric trucks and heavy-duty autonomous electric trucks.
The firm has over 25 business customers including GE Appliances and has a fleet of around 200 electric vehicles.
The company, which maintains a U.S. headquarters in Austin, Texas, reported a contracted annual recurring revenue base of $65 million and over $800 million in potential long-term ARR.
“Today marks a defining moment for Einride and for the future of freight technology,” said Roozbeh Charli, CEO of Einride. “We’ve proven the technology, built trust with global customers, and shown that autonomous and electric operations are not just possible, but better. This transaction positions us to accelerate our global expansion and continue to deliver with speed and precision for our customers.”
The company says that powered by machine learning, its systems process over 5.2 million data points per second — “enabling seamless perception, accurate object detection, and intelligent navigation across complex routes.” It also offers autonomous loading and unloading.
But does it enjoy the music of Willie Nelson and two-foot-wide steaks?
Bumper Market
The listing is expected to raise $219 million, and Einride is seeking up to an additional $100 million in private investment in public equity from institutional investors, with trading expected to commence during the first half of 2026.
The deal is also bolstered by the $100 million it raised in October from institutional investors.
Existing shareholders of Einride are expected to own around 83% of equity after the deal closes and the company’s existing management team will continue to lead the firm.
According to the American Trucking Association, nearly 15 million trucks transported about 72.7% of the nation’s freight last year, generating roughly $906 billion in revenue. In North America alone, the autonomous trucking market is projected to reach $65.4 billion within a decade.
It becomes the latest in a growing number of tech firms to list this year including Klarna (KLAR) and CoreWeave (CRWV).
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