May Mobility to Become Public via $1.4 Billion SPAC Merger with ACP Holdings

May Mobility is merging with ACP Holdings Acquisition Corp. in a transaction valued at $1.4 billion that could deliver more than $300 million in proceeds. The deal would make May Mobility the first U.S. public company focused solely on autonomous ride-hailing vehicles. The company plans to use the funds for research and development aimed at removing safety drivers, supply chain cost reductions, and additional city deployments.

What does the May Mobility SPAC transaction include?

The merger combines May Mobility with ACP Holdings Acquisition Corp., a SPAC sponsored by Atlas Credit Partners. It features a $120 million private investment in public equity and access to up to $217 million held in the SPAC trust. Redemptions by SPAC shareholders could reduce the final cash amount received. Upon completion, May Mobility would trade publicly and distinguish itself from broader autonomy companies such as Tesla, Waymo, and Aurora. The structure allows the company to access capital while testing market appetite specifically for a pure-play autonomous ride-hailing business rather than diversified autonomy efforts. Shareholder redemptions remain the key variable that could shrink the net proceeds below the targeted threshold. The transaction structure was designed to provide a clear path to public markets without requiring a traditional IPO process, allowing May Mobility to highlight its focused business model against competitors that pursue multiple autonomy verticals simultaneously. This differentiation is central to the company’s strategy as it seeks to attract investors interested exclusively in robotaxi operations.

How does May Mobility generate revenue today?

May Mobility operates an asset-light model that sells autonomous vehicles to fleet partners while retaining control of remote supervision and software updates. Revenue comes from fixed fees or per-trip licensing fees. In the prior year the company recorded roughly $10 million in revenue against a cash burn of $93 million. It has completed more than 550,000 paid autonomous rides covering over one million miles. The licensing approach means the company avoids owning and operating its own fleet at scale, instead focusing resources on software and oversight. This model has produced steady paid usage across existing deployments yet still results in significant negative cash flow given ongoing development expenses. By licensing technology rather than operating vehicles directly, May Mobility shifts capital intensity to partners while capturing recurring revenue streams tied to actual trip volume. The gap between revenue and cash burn underscores the heavy investment required to advance the technology toward full driverless capability and expand the number of active markets.

Where does May Mobility currently operate?

The company runs Toyota Siennas in three U.S. markets. A partnership with Lyft supports service in Atlanta. Separate operations exist in Eden Prairie and Grand Rapids, Minnesota. A first trial deployment recently began in Japan, and a commercial launch with Uber is scheduled for Arlington, Texas, at the end of 2026 or early 2027. These locations demonstrate the partnership-first strategy, with each site leveraging local fleet operators rather than direct vehicle ownership. The Japan trial marks the first international step, while the upcoming Texas launch adds a major new domestic market through the Uber relationship. Each deployment has contributed to the cumulative paid ride total and has helped validate the licensing model across different regulatory and operational environments. The Minnesota sites provided early proof points for suburban and smaller-city use cases, while Atlanta demonstrated integration with a major ride-hailing platform.

What will May Mobility do with the SPAC proceeds?

Funds are earmarked for expanded research and development focused on eliminating safety drivers, supply-chain investments to lower bill-of-materials costs, and new geographic deployments. Some of those deployments are expected to be announced later in 2026. The capital allocation prioritizes the technical milestone of driverless operation and cost reduction in vehicle hardware, both viewed as necessary to improve unit economics at larger scale. Geographic expansion will rely on the same asset-light partnership structure already in use. Achieving driverless operations is expected to improve margins by removing the expense of human safety operators, while supply chain work targets lower per-vehicle costs that could support broader deployment without proportional increases in capital requirements.

Frequently asked questions

When was May Mobility founded?

May Mobility was founded in 2017 and has focused on autonomous ride-hailing since inception.

Which cities host current May Mobility service?

Active locations include Atlanta through Lyft plus Eden Prairie and Grand Rapids in Minnesota.

How much cash could the merger raise?

The transaction targets more than $300 million, subject to possible SPAC shareholder redemptions.

What makes May Mobility different from other public autonomy firms?

It positions itself as the first U.S. public company devoted exclusively to autonomous ride-hailing rather than broader vehicle or trucking autonomy.

Will safety drivers be removed soon?

Part of the new capital is allocated to research aimed at removing safety drivers from vehicles.

Key takeaways

May Mobility will become a public company through a $1.4 billion SPAC merger with ACP Holdings Acquisition Corp.

The deal is projected to provide more than $300 million in new capital after accounting for a $120 million PIPE and up to $217 million from the SPAC trust.

The company reported $10 million in revenue and a $93 million cash burn in the most recent year.

More than 550,000 paid autonomous rides have been completed across more than one million miles.

Proceeds will support removal of safety drivers, supply-chain cost cuts, and new city launches.

Outlook for May Mobility after the listing

The SPAC merger positions May Mobility to test investor appetite for a pure-play robotaxi business. Execution will depend on achieving driverless operations, securing additional fleet partnerships, and expanding into new markets while controlling costs. The company’s partnership-first approach and licensing revenue model will be closely watched once shares begin trading.