Churchill Capital Corp IX to create public company PlusAI through merger

Churchill Capital Corp IX (CCIX) and Plus Automation, a Physical AI company commercializing AI-based virtual driver software for autonomous trucks, have entered into a definitive business combination agreement. Upon closing of the transaction, the combined company will operate as PlusAI. Founded in Silicon Valley in 2016, Plus set out to develop a virtual driver system. Plus’s self-driving system, SuperDrive, is purpose-built to autonomously operate heavy commercial trucks. Plus is currently conducting public road testing in Texas and Sweden with additional customer fleet trials scheduled for fall of 2025. Plus is targeting the commercial launch of SuperDrive-enabled, factory-built autonomous trucks in 2027, beginning in the U.S. and then expanding into Europe. Plus maintains operations in California, Texas, and Germany to support commercialization and deployment. The transaction values Plus at a pre-money equity value of $1.2B and expected to deliver approximately $300M in gross proceeds from cash held in Churchill IX’s trust account. Plus currently has a clean balance sheet with no debt. The assumed net proceeds from the transaction are expected to fully fund Plus through the planned commercial launch of factory-built autonomous trucks in 2027. The transaction has been unanimously approved by the boards of directors of both Plus and Churchill IX, and is expected to close in Q4, subject to satisfaction of customary closing conditions, including approval by Churchill IX shareholders and Plus shareholders. Upon closing of the transaction, the combined company will operate as PlusAI.