Kodiak Robotics, Inc. (“Kodiak” or the “Company”), a leading provider of AI-powered autonomous vehicle technology, and Ares Acquisition Corporation II (NYSE: AACT) (“AACT”), a publicly traded special purpose acquisition company, today announced they have entered into a definitive business combination agreement through which Kodiak will become a publicly-listed company.
Kodiak Robotics, a leading developer of autonomous trucking technology and an OurCrowd portfolio company, has announced plans to go public through a merger with special purpose acquisition company (SPAC) Ares Acquisition Corporation II (NYSE: AACT), according to TechCrunch. The deal values Kodiak at a pre-money valuation of approximately $2.5 billion and is anticipated to close in the second half of 2025.
The combined company is expected to receive approximately $551 million of cash held in AACT’s trust account at closing, assuming no redemptions of existing AACT shares and based on trust value per share as of December 31, 2024. Additionally, certain institutional investors, including affiliates of Soros Fund Management, ARK Investments and Ares, have invested or committed over $110 million to support the transaction. Additionally, existing Kodiak investor ARK Investments has expressed its continued support of the Company.
Founded to revolutionize long-haul logistics, Kodiak Robotics has raised around $243 million to date and has developed an AI-powered autonomous driving platform capable of navigating some of the most demanding freight routes. The company has logged more than 2.6 million autonomous miles in real-world conditions and boasts the first publicly-announced driverless trucks currently operating in commercial settings.
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Kodiak Robotics continues to see strong customer adoption across key industries and applications. The company has secured a significant order from strategic partner Atlas Energy Solutions (NYSE: AESI) for 100 driverless trucks. To support the merger, new and existing investors—including Soros Fund Management, ARK Invest, and Ares Management—have collectively committed over $110 million in financing. Additionally, the deal includes access to approximately $551 million in cash held in trust.
The move to go public will accelerate Kodiak Robotics’ mission to transform the future of freight with safer, more efficient autonomous trucking solutions.
“This is a remarkable milestone for the Kodiak team and reinforces our confidence in the significant value proposition we see in our differentiated driverless technology,” said Burnette, Founder and CEO of Kodiak Robotics . “We believe entering the public markets will accelerate our strategy to expand our existing partner relationships, provide our technology to a broader customer base, and deliver enhanced solutions across the commercial trucking and public sector industries. Further, with Kodiak’s disciplined approach to capital management, along with strategic and financial support from Ares, we believe we are well-positioned to execute on our long-term growth plans. On behalf of the entire Kodiak team, we are thrilled to be working with Ares and AACT as we continue to drive our mission to create a safer and more efficient future for the trucking industry.”
Kodiak Robotics was founded in 2018 by industry veteran, Don Burnette, with a vision of becoming the trusted world leader in autonomous ground transportation dedicated to commercializing driverless trucking at scale. In 2024, Kodiak became the first company to announce delivery of a driverless trucking product to a customer. Today, Kodiak provides differentiated solutions that are demonstrated to make costs more efficient and predictable, enhance fuel economy, and enhance safety across the commercial trucking and public sector markets. By partnering with AACT and accessing the public markets, Kodiak is expected to accelerate its go-to-market strategy that aims to address an estimated $4+ trillion global opportunity.
