Plus Automation Inc. ("Plus"), a Physical AI company commercializing AI-based virtual driver software for autonomous trucks, and Churchill Capital Corp IX (Nasdaq: CCIX) ("Churchill IX"), a special purpose acquisition company, announced that they have entered into a definitive business combination agreement. Upon closing of the transaction, the combined company will operate as PlusAI.
Michael Klein, Chairman and CEO of Churchill IX, said, "Physical AI will be transformative across industries, and Churchill IX is excited to give public investors access to a leading company in the sector primed for AI-driven innovation. After evaluating many opportunities, we knew Plus was the right partner. Trucking is the backbone of the global economy but the industry faces a persistent driver shortage that autonomous trucking has the potential to solve. Broad adoption depends on confidence in vehicle performance and safety and Plus stands out with its advanced virtual driver platform and a customer-centric commercialization model led by OEM partners. With a software-focused, capital-efficient model, Plus is well positioned to scale and we're excited to partner with their talented team to support the company's next phase of growth."
Plus: A Leader in Physical AI for Autonomous Trucking
Founded in Silicon Valley in 2016 by technology entrepreneurs with deep expertise in engineering, artificial intelligence, and machine learning, Plus set out to develop a leading virtual driver system. As an early adopter of the Autonomous Vehicle 2.0 paradigm, the company has pioneered a more efficient development approach—replacing hand-coded software with AI models to enable scalable, adaptive autonomy for physical applications.
Plus has deployed autonomous driving technology across the U.S., Europe, and Asia, which has been used for more than five million miles of driving. These real-world operations have generated a proprietary dataset that fuels Plus's technology development. Leveraging this data and advanced generative AI models, Plus has built a generalizable "driving intelligence" platform using auto-labeling, model distillation, and highly optimized in-vehicle neural networks.
Plus's self-driving system, SuperDrive, features a robust, three-layer redundancy architecture and is purpose-built to autonomously operate heavy commercial trucks. In April 2025, Plus achieved a key driver-out safety validation milestone with SuperDrive. Plus is currently conducting public road testing in Texas and Sweden with additional customer fleet trials scheduled for fall of 2025.
OEM-Led Commercialization Strategy
Plus's go-to-market strategy is centered on deep integration with leading global commercial vehicle makers—TRATON GROUP, Hyundai, and IVECO—who we expect to factory-build, validate, deliver, and support autonomous trucks powered by Plus's virtual driver. This OEM-led model enables scalable deployment through trusted manufacturing and service channels, providing fleet operators with a seamless path to autonomy.
Supporting this model are strategic collaborations with key industry players such as DSV, Bosch, NVIDIA, and others, who are working alongside Plus and its OEM partners to accelerate the rollout of autonomous capabilities to commercial fleets.
Plus is targeting the commercial launch of SuperDrive-enabled, factory-built autonomous trucks in 2027, beginning in the United States and then expanding into Europe. Plus maintains operations in California, Texas, and Germany to support commercialization and deployment.
David Liu, Co-Founder and CEO of Plus, said: "Since founding Plus in 2016, we have made significant progress in building advanced AI technology to enable safe and scalable autonomous trucking. From applying learnings from early deployments to forging trusted OEM partnerships, we believe that we are well positioned to deploy a leading virtual driver and deliver it to market through factory-built trucks supported by global vehicle manufacturers. Our long-term vision is to empower fleet operators to run global freight networks with autonomous vehicles that improve safety, enhance efficiency, and reduce costs. We believe the industry is at a critical inflection point, driven by breakthroughs in AI, supportive regulatory momentum, and ecosystem readiness. I'm incredibly proud of the team's accomplishments to date and confident that, in partnership with Churchill IX, we can accelerate our mission and create significant value for shareholders by scaling with disciplined execution. This transaction provides access to capital and strategic support that will help us advance our product roadmap, execute our development and commercialization strategy, and deliver a transformative logistics solution to one of the world's largest and most essential industries."
Plus: A Compelling Physical AI Investment Opportunity
Led by a technical founder team with proven track records of scaling innovation-driven companies and serving as disciplined stewards of investor capital: Plus is led by a technical founding team of Stanford-trained PhD engineers and serial tech entrepreneurs who have deep experience building innovative technology products. Plus is our CEO David Liu's fourth startup; each of his prior companies was successfully scaled. This entrepreneurial experience has translated into disciplined financial stewardship, and a clear go-to-market plan focused on trusted partnerships and timely execution with global commercial vehicle manufacturers.
Truck freight market of nearly $2 trillion in the U.S. and Europe facing urgent labor and cost pressures addressable by Plus: The U.S. and European trucking freight industry is large, essential, and under strain—from persistent driver shortages to rising operational costs and demand for faster delivery cycles. The U.S. and Europe alone face a combined shortage of over 300,000 truck drivers each year, a number expected to grow materially in coming years as aging drivers retire. Autonomous trucks offer a structural solution to these challenges by reducing operating cost and increasing available truck utilization. Plus's SuperDrive virtual driver has already been tested in real-world conditions in Texas and Sweden, positioning the company to meet this market need with a safe, scalable solution.
Purpose-built for scale with a capital-light, software-focused model and deep OEM integrations: Plus's mission is to deliver autonomous driving software that creates value in commercial trucking. Plus is executing its mission through a differentiated strategy that combines: (1) an AI software business model, (2) a proprietary AV 2.0 technology platform built for physical AI applications, and (3) commercial partnerships with leading global truck OEMs. Manufacturers including TRATON GROUP (Scania, MAN, and International), Hyundai, and IVECO have selected Plus for their plans to bring factory-built autonomous trucks to market—validating the company's leadership and enabling a scalable deployment model.
Targeting OEM-led commercial deployment with capital efficient, high-margin, recurring revenue model: Plus is targeting the commercial deployment of SuperDrive-enabled, factory-built autonomous trucks in 2027, starting in the U.S. and then expanding to Europe. Through a driver-as-a-service model, Plus provides autonomy software that will enable recurring, per-mile revenue with high gross margins—delivering a capital-efficient path to growth and attractive returns for shareholders.
The transaction is expected to deliver approximately $300 million in gross proceeds from cash held in Churchill IX's trust account, assuming no redemptions by Churchill IX shareholders and before payment of transaction expenses. Plus currently has a clean balance sheet with no debt, which will be further strengthened by the transaction. Thanks to the Company's capital-efficient business model and disciplined execution, 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 combined company's shareholders and management will all hold one-vote shares, except for certain existing PlusAI shareholders who will continue to hold low-vote shares for regulatory purposes. No existing Plus shareholders will receive cash consideration as part of the transaction. Additionally, all existing Plus shareholders and the Churchill IX sponsor will be subject to lock-up agreements ranging from 180 to 360 days following the close.
The transaction has been unanimously approved by the boards of directors of both Plus and Churchill IX, and is expected to close in the fourth quarter of 2025, subject to satisfaction of customary closing conditions, including approval by Churchill IX shareholders and Plus shareholders.
About Churchill Capital Corp IX
Churchill IX is a blank check company formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. It may pursue an initial business combination target in any business or industry.
