May Mobility, the Ann Arbor-based autonomous ride-hailing technology company, agreed on September 16 to merge with ACP Holdings Acquisition Corp., a blank-check firm affiliated with Atlas Credit Partners, in a deal that implies a pro forma enterprise value of approximately $1.4 billion2,4,12. The combined company expects to trade on Nasdaq under the ticker MAY, positioning May Mobility as the first U.S. publicly listed pure-play autonomous ride-hail technology company5,14.
The transaction could deliver up to $337 million in gross proceeds, comprising up to $217 million from ACP Holdings' trust account, subject to shareholder redemptions, and $120 million from a fully committed private investment in public equity6. The companies expect the deal to close by year-end11.
The financial picture
May Mobility generated approximately $10 million in revenue in 2025 at a 27% gross margin, against cash burn of roughly $93 million. Since its 2017 founding, the company has raised approximately $445 million from venture investors, strategic corporate partners, and financial investors. The company targets long-term gross margins of up to 70% and EBIT margins of up to 30%.
Proceeds from the SPAC transaction are expected to fund research and development, hardware cost reductions, supply-chain investments, and new U.S. and international deployments.
Asset-light model and partner network
May Mobility's business model, which it calls Autonomy-as-a-Service, licenses its autonomous driving technology to fleet partners rather than owning and operating vehicles directly. Partners own the vehicles, operate depots, and maintain fleets, while May Mobility provides the autonomous driving system, software, remote assistance, and continuing technology services. In exchange, May Mobility receives either fixed fees or per-trip licensing fees.
The company currently operates autonomous Toyota Siennas in three U.S. locations: with Lyft in Atlanta, and autonomous ride services in Eden Prairie and Grand Rapids, Minnesota. It has completed more than 550,000 commercial autonomous rides across 1.1 million miles in the United States and Japan. May Mobility is targeting a commercial launch with Uber in Arlington, Texas, in Q4 2026 or Q1 2027.
Its partner roster spans Toyota as primary OEM partner, Uber and Lyft through multi-year, multi-city U.S. partnerships, Grab for Southeast Asia expansion, NTT as the exclusive operator of May Mobility-powered fleets in Japan, ECARX as hardware integration partner, and CaoCao for autonomous vehicle launches in Europe and other international markets. NTT led May Mobility's Series D and E financing rounds. A six-month on-demand autonomous vehicle pilot with NTT Mobility launched in Nagoya, Japan, in September.
May Mobility's core technology, Multi-Policy Decision Making, builds a dynamic world model from physics, traffic rules, and local driving culture, evaluating hundreds of scenarios every 200 milliseconds. The company says this architecture enables deployment in new cities without the extensive training-data requirements of conventional autonomous systems.
ANALYSIS The $1.4 billion valuation against $10 million in 2025 revenue prices May Mobility almost entirely on the scalability of its licensing model and the breadth of its partner network rather than current operations. The gap between a 27% gross margin today and the 70% long-term target will test whether separating autonomous intelligence from fleet ownership can deliver the economics May Mobility projects.
Dr. Edwin Olson, May Mobility's CEO and founder, said: "We started May Mobility because getting around a city shouldn't cost people their time, their safety or their freedom. Becoming a public company is how we bring that within reach for more people, faster". Andrew Mallozzi, chairman and CEO of ACP Holdings and founder of Atlas Credit Partners, said ACP Holdings has a fully committed PIPE secured in connection with the business combination. Latham & Watkins LLP advised May Mobility on the transaction.