Autonomous ride-hailing firm May Mobility to go public via SPAC merger
May Mobility is merging with SPAC ACP Holdings to go public at a $1.4 billion valuation, potentially raising over $300 million. The company, which operates autonomous Toyota Siennas in several U.S. cities, says it will be the first U.S. public company focused solely on robotaxi services. It plans to use the funds for R&D and supply chain improvements.
May Mobility's business model diverges from competitors by selling its autonomous vehicles to fleet partners while retaining control over software updates and remote oversight. Revenue flows through fixed fees or per-trip licensing arrangements rather than fleet ownership, a structure the company describes as asset-light and partnership-first.
The company's financial trajectory shows roughly $10 million in revenue last year against approximately $93 million in operating losses. It has completed over 550,000 paid rides spanning more than one million miles across deployments in Atlanta, Eden Prairie, and Grand Rapids, with a Japan trial underway and a Texas launch with Uber planned for late 2026 or early 2027.
This SPAC merger could test whether public markets will support pure-play robotaxi companies, potentially influencing how other autonomous vehicle startups seek funding. If successful, May Mobility may accelerate expansion into more cities, affecting urban transportation options and competition with traditional ride-hailing services. The company's reliance on partner-owned fleets could reshape industry cost structures, though its substantial cash burn and dependence on SPAC proceeds carry risks that could impact employees, fleet partners, and riders if investor enthusiasm wanes.