May Mobility Targets $1.4 Billion Valuation in SPAC Merger

The merger with ACP Holdings Acquisition Corp., backed by Atlas Credit Partners, positions May Mobility as the first U.S. public entity dedicated exclusively to autonomous ride-hailing. Unlike competitors such as Tesla or Waymo, the company avoids the heavy capital requirements of owning fleets. Instead, it sells autonomous vehicles to partners while retaining control over software updates and remote supervision, earning revenue through fixed service fees or per-trip licensing models.

Founded in 2017, the company reported roughly $10 million in revenue last year against a $93 million cash burn. Operations currently span three U.S. locations, including a partnership with Lyft in Atlanta and services in Minnesota. With over 550,000 paid rides completed, the firm is now eyeing expansion into Japan and a forthcoming commercial launch in Arlington, Texas, alongside Uber.

The capital infusion includes a $120 million private investment and up to $217 million from an ACP trust account, though actual proceeds depend on shareholder redemption rates. Management plans to direct these funds toward removing safety drivers from its vehicles, optimizing supply chain costs, and launching new geographic deployments.