May Mobility

Autonomous Vehicles · Mobility · SPAC

IPO

May Mobility to go public via $1.4B SPAC merger, list as MAY

The deal would make it the first pure-play robotaxi tech firm on a major U.S. exchange, testing demand for asset-light autonomy models.

• May Mobility agreed to merge with blank-check firm ACP Holdings Acquisition Corp., implying a $1.4 billion pro forma enterprise value and positioning the combined company to list on Nasdaq as "May Mobility, Inc." under ticker MAY.
• Founded in 2017 in Ann Arbor, May Mobility runs an "asset-light" model: instead of owning robotaxi fleets, it licenses self-driving tech and remote supervision to partners for fixed or per-trip fees.
• The transaction could deliver up to $337 million in gross proceeds: as much as $217 million from ACP Holdings' trust account plus a fully committed $120 million PIPE co-anchored by an Atlas Credit Partners affiliate.
• May generated about $10 million in revenue in 2025 with a 27% gross margin while burning roughly $93 million in cash, after raising about $445 million in total since founding.
• The company has logged more than 550,000 paid autonomous rides over 1.1 million miles via partnerships with Toyota, Uber, Lyft, Grab and CaoCao, operating in Atlanta and two Minnesota cities with an Arlington, Texas launch planned with Uber.
• Arriving amid a broader SPAC resurgence, the deal is a real-time test of whether public investors will back a capital-light, partnership-driven approach to autonomy over vertically integrated robotaxi operators.