May Mobility Eyes Nasdaq In $1.4 Billion SPAC Deal After $93 Million Cash Burn

May Mobility generated approximately $10 million in revenue in 2025 while burning roughly $93 million in cash.

Now, the autonomous ride-hailing company is taking a much bigger financial leap, pursuing a public listing through a SPAC deal that values the combined business at approximately $1.4 billion.

The company has entered a definitive business combination agreement with ACP Holdings Acquisition Corp., with the transaction potentially delivering up to $337 million in gross proceeds and taking May Mobility to Nasdaq under the ticker “MAY.”
 

TL;DR

 

• May Mobility plans to go public through a merger with SPAC ACP Holdings Acquisition Corp.
• The deal implies a pro forma enterprise value of approximately $1.4 billion and could provide up to $337 million in gross proceeds.
• May Mobility has completed more than 550,000 commercial autonomous rides and plans to use the funding to expand driverless operations and deployments.

 

May Mobility’s $1.4 Billion SPAC Deal Could Bring In Up To $337 Million

The proposed transaction combines May Mobility with publicly traded SPAC ACP Holdings. Its potential $337 million funding haul consists of up to $217 million held in ACP Holdings’ trust account and a fully committed $120 million private investment in public equity (PIPE).

However, that headline funding figure is not guaranteed. ACP Holdings shareholders can redeem their shares before the transaction closes, potentially reducing the trust-account proceeds available to May Mobility. The deal also remains subject to shareholder approvals, customary closing conditions and approval of the Nasdaq listing, with completion expected by the end of 2026.

May Mobility plans to use the proceeds for research and development, expanding its driverless operating capabilities, lowering vehicle component costs through supply-chain investments, and funding deployments in the US and international markets.
 

 

May Mobility Is Betting On An Asset-Light Robotaxi Business

Rather than owning and operating entire robotaxi fleets itself, May Mobility is pursuing an “asset-light” Autonomy-as-a-Service model. Fleet partners take responsibility for vehicle ownership, depots, operations and maintenance, while May Mobility provides autonomous-driving technology and collects fixed or per-trip licensing fees.

That strategy has already connected the company with major ride-hailing players including Uber, Lyft, Grab and CaoCao. May Mobility currently operates commercially in Atlanta, Eden Prairie and Grand Rapids, and is targeting an Uber-backed launch in Arlington, Texas, in Q4 2026 or Q1 2027.

Meanwhile, Toyota Motor Corporation remains May Mobility's primary OEM partner, which provides them with autonomy-ready vehicles in the Sienna and the e-Palette.

The company says it has completed more than 550,000 commercial autonomous rides covering 1.1 million miles across the US and Japan, including three driver-out deployments.
 

 

May Mobility’s Public Listing Puts Its Autonomous Driving Model To The Test

May Mobility’s technology uses what it calls a multi-policy reasoning architecture, which evaluates multiple possible driving strategies and rejects actions that fail its safety parameters. The company argues this approach can help it enter new markets without requiring the millions of miles of training data traditionally associated with autonomous-driving systems.

“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,” said May Mobility founder and CEO Dr. Edwin Olson.

With about $445 million raised since its 2017 founding and a potential $1.4 billion enterprise value ahead, the SPAC transaction would put May Mobility’s capital-efficient robotaxi pitch in front of public-market investors. Whether it reaches that point now depends on the deal clearing its remaining approvals and closing conditions.