May Mobility, Inc., a global autonomous vehicle technology company, and ACP Holdings Acquisition Corp. have entered into a definitive business combination agreement. The proposed transaction is expected to position May Mobility as the first U.S. publicly listed pure-play autonomous ride-hail technology company and implies a pro forma enterprise value of approximately $1.4 billion. Upon closing, the combined company would operate as May Mobility, Inc. and list on Nasdaq under the ticker symbol MAY.
Commercial Traction and Market Position
May Mobility has completed more than 550,000 commercial autonomous rides across 1.1 million miles in the United States and Japan, including three driver-out deployments to date. The company currently operates commercially in three U.S. locations, with Lyft in Atlanta and autonomous ride services in Eden Prairie and Grand Rapids, Minnesota. It is targeting a commercial launch with Uber in Arlington, Texas, in the fourth quarter of 2026 or first quarter of 2027, while a six-month on-demand autonomous vehicle pilot with NTT Mobility in Nagoya, Japan, launched in September.
Partnership Ecosystem and Business Model
May Mobility's asset-light Autonomy-as-a-Service model brings together partners including Toyota, NTT and ECARX, and it is the only autonomous vehicle company partnered with four leading ride-hailing platforms: Uber, Lyft, Grab and CaoCao. Fleet partners own and operate vehicles while May Mobility delivers autonomy and earns fixed fees or per-trip licensing fees. The model targets gross margins of up to 70 percent and EBIT margins of up to 30 percent, closer to software-as-a-service than traditional fleet operations.
Physical AI and Differentiated Technology
May Mobility's autonomy stack uses a multi-policy reasoning architecture that integrates deep learning, a dynamic world model and a real-time reasoning engine. The system simulates up to thousands of possible futures every second on the vehicle and rejects any action that does not meet safety parameters. This approach is designed to deploy in new cities without millions of miles of training data, reducing time to market and capital intensity.
Financial Highlights and Transaction Details
May Mobility generated approximately $10 million in revenue in 2025 with a 27 percent gross margin, reflecting early commercialization of its ride-hail partnerships. Cash burn for 2025 was approximately $93 million, and the company has raised approximately $445 million since its founding in 2017. The combined company could receive up to $337 million in gross proceeds, including up to $217 million from the trust account and a fully committed $120 million PIPE, with both boards having approved the deal and closing expected by year-end.
Management Commentary and Use of Proceeds
May Mobility CEO Dr. Edwin Olson said going public would help bring safer, more accessible urban transportation to more people at scale. Andrew Mallozzi of ACP Holdings cited the company's commercial traction, capital-efficient approach and strategic ecosystem as key factors behind the transaction. Gross proceeds are expected to fund research and development, industrialization, supply chain improvements, new deployments in the United States and globally, and general working capital.
The proposed business combination represents a significant step in May Mobility's effort to scale autonomous ride-hail services through an asset-light, partnership-first operating model. A public listing on Nasdaq could provide additional capital and visibility to support expansion in the United States and international markets. If completed as planned, the transaction may reinforce May Mobility's position as a differentiated player in the physical AI and autonomous mobility sector.