May Mobility to go public via SPAC at $1.4B valuation
What's the deal? May Mobility, an autonomous vehicle technology company, will list on the Nasdaq through a business combination with ACP Holdings Acquisition CorpDealroom has a profile for this one. Try Dealroom →, a publicly traded special purpose acquisition company (SPAC). The deal, announced on September 16, 2026, implies a pro forma enterprise value of roughly $1.4 billion.
The terms: The transaction is expected to deliver gross proceeds of up to $337 million, subject to redemptions by ACP Holdings' public stockholders, plus a fully committed private investment in public equity (PIPE) of $120 million. The combined company will trade under the ticker "MAY."
What's the endgame? May Mobility says the deal would make it the first US publicly listed pure-play autonomous ride-hail technology company. It runs an asset-light "Autonomy-as-a-Service" model, differentiating itself from an industry dominated by asset-heavy fleet operators.
The numbers: The Ann Arbor, Michigan-based company has completed more than 550,000 commercial autonomous rides across 1.1 million miles in the US and Japan, including three driver-out deployments. It operates commercially in three US locations and plans to launch with Uber in Arlington, Texas, in Q4 2026 or Q1 2027.
Why now? May Mobility is leaning on a partnership-first strategy to scale. It is the only autonomous vehicle company partnered with four leading ride-hailing platforms — Uber, Lyft, Grab and CaoCaoDealroom has a profile for this one. Try Dealroom → — while ToyotaDealroom has a profile for this one. Try Dealroom → supplies its vehicle platforms and NTTDealroom has a profile for this one. Try Dealroom → led its Series D and E rounds.
What could go wrong? Gross proceeds hinge on redemptions by ACP Holdings' shareholders, meaning the final cash raised could fall short of the $337 million figure.
The signal: May Mobility is betting that a capital-light model — deploying in new cities without the millions of training miles conventional systems require — can win in a market defined by heavy spending. A public listing gives it the balance sheet to test that thesis against deeper-pocketed rivals.
Image credit: jurvetson
