Yellow.ai

Enterprise AI · Agentic AI · SPAC

IPO

Yellow.ai to list on Nasdaq via $550M SPAC merger with Bluerock

The deal prices the enterprise AI agent maker at roughly nine times its last fiscal year revenue, a rich multiple for a cautious SPAC market.

• Yellow.ai signed a definitive business combination agreement with Bluerock Acquisition Corp. (Nasdaq: BLRK) to go public, with the combined company trading under ticker "YAI" and closing targeted for the second half of 2026.
• Founded in 2016 by Raghu Ravinutala, Rashid Khan and Jaya Kishore Reddy, Yellow.ai builds an enterprise agentic AI platform that automates customer service and support across 85+ countries and 135+ languages.
• The agreement values Yellow.ai at roughly $300 million pre-money, rising to a ~$550 million pro forma equity value assuming no redemptions, and includes about $175 million of trust cash plus $30 million in committed PIPE financing.
• Yellow.ai reports 16 billion+ conversations annually for 650+ enterprise clients and unaudited revenue of $34 million-plus in its last fiscal year, with enterprise accounts driving over 70% of recurring revenue.
• Yellow.ai has raised about $103 million to date from backers including Lightspeed, Salesforce Ventures, Sapphire Ventures and WestBridge Capital ahead of this listing.
• Closing still requires Bluerock shareholder approval and customary conditions, and Yellow.ai may pursue additional PIPE financing that would increase share issuance at closing.
• The SPAC route lets a still-scaling AI vendor reach public markets without a traditional IPO's revenue bar, but pricing near 9x sales and leaning on PIPE cash tests investor appetite for pre-profit agentic AI stocks.