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

May Mobility to go public in SPAC deal at $1.4B valuation Joann Muller Wed, September 16, 2026 at 9:30 PM GMT+9 2 min read ACGC 0.00% May Mobility is going public in a SPAC deal. Photo courtesy of May Mobility. 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.

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."

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