Einride Lists on Nasdaq via Legato SPAC at $1.35B Valuation
What's the deal? Einride, the Swedish electric and autonomous trucking startup, began trading on the Nasdaq on Wednesday through a merger with blank-check firm Legato Merger Corp III. The deal values the company at roughly $1.35 billion pre-money — down from $1.8 billion announced in November and far below the $5 billion discussed in earlier IPO talks with banks.
CEO Roozbeh Charli framed the lower price as a deliberate move. "We chose to prioritise bringing in good investors at a valuation that we felt was appropriate," he said.
Founded in Stockholm in 2016, Einride builds electric trucking software and autonomous driving systems, designing cab-less electric freight vehicles for logistics operations. Capital GroupDealroom has a profile for this one. Try Dealroom → and EQT VenturesDealroom has a profile for this one. Try Dealroom → remain the largest shareholders, followed by Alyeska Investment GroupDealroom has a profile for this one. Try Dealroom →.
Why now? Charli is betting that SpaceX's IPO later this week will generate broader interest in deep tech listings. "It will absolutely put a spotlight on deep tech and the major technological shifts that are taking place," he said.
Whether the SpaceX halo extends to a $1.35 billion SPAC for an autonomous trucking company is an open question. The two businesses have little in common beyond the "deep tech" label.
What could go wrong? Einride's US-listed rivals have struggled. Aurora InnovationDealroom has a profile for this one. Try Dealroom → and Kodiak AI both saw weak post-listing share performance, underscoring how hard it is to sustain public-market valuations in a sector where commercialisation timelines keep slipping.
The truck industry's transition from diesel has proved slower and more expensive than expected, with high vehicle costs and charging infrastructure gaps among the headwinds. Revenue, profitability, and unit deployment figures have not been disclosed.
A SPAC listing also means Einride did not face the same scrutiny from underwriters that a traditional IPO requires.
The signal: Einride is classified as a "late growth" stage company on Dealroom, yet it listed without disclosing revenue or unit deployment figures — an unusual combination that underscores how much the SPAC route lets companies sidestep conventional scrutiny. With backers Capital Group and EQT Ventures staying on as top shareholders rather than cashing out, the bet is that patient, institutional capital can outlast a public market that has punished every autonomous trucking listing so far.
Read more: TNW
