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May Mobility to go public via SPAC deal at $1.4B valuation
The autonomous ride-hail company will list on Nasdaq under ticker 'MAY' after merging with ACP Holdings Acquisition Corp
May Mobility, the Ann Arbor-based autonomous vehicle company, is taking the SPAC route to Wall Street. The firm announced a business combination agreement with ACP Holdings Acquisition Corp that values the combined entity at a pro forma enterprise value of roughly $1.4 billion.
If the deal closes as expected by year-end 2026, May Mobility will become the first pure-play autonomous ride-hail technology company to trade publicly in the US. The new entity will operate under May Mobility, Inc. and list on Nasdaq with the ticker symbol “MAY.”
The deal mechanics
The transaction is structured to generate up to $337 million in gross proceeds. That capital comes from two sources: approximately $217 million sitting in the SPAC trust and a $120 million committed Private Investment in Public Equity, or PIPE, from institutional investors.
The merger remains subject to regulatory approval and customary closing conditions. May Mobility has raised over $300 million in private funding to date.
What May Mobility actually does
Founded in 2017, May Mobility builds the software and systems that power autonomous ride-hail vehicles.
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The company has logged more than 550,000 commercial autonomous rides covering over 1.1 million miles.
May Mobility’s partner list includes Toyota, Lyft, Uber, Grab, and NTT. More recently, May Mobility struck an agreement with ECARX, the automotive technology company, to expand its fleet capabilities. The stated goal of that partnership is to cut operational costs by 50% by 2028.
The 2025 revenue figure of approximately $10 million comes with a 27% gross margin.
The SPAC question
The committed $120 million PIPE is a meaningful signal. Institutional investors putting real money into a PIPE alongside the SPAC trust suggests at least some sophisticated backers believe the valuation is defensible.
The Nasdaq listing under “MAY” will give public market investors their first opportunity to own a company focused exclusively on autonomous ride-hail technology. Waymo remains private under Alphabet’s umbrella, and other autonomous driving companies that have gone public tend to have diversified business models spanning trucking, delivery, or ADAS technology.