Kodiak Robotics to Go Public in $2.5 Billion SPAC Deal, Rebranding as Kodiak AI

Kodiak Robotics, a California-based autonomous trucking technology company, has announced plans to go public through a merger with Ares Acquisition Corporation II (NYSE: AACT), a special purpose acquisition company (SPAC). The transaction values Kodiak at $2.5 billion and is expected to close in the second half of 2025. The combined entity, to be rebranded as Kodiak AI, will receive approximately $551 million from Ares Acquisition's trust account, alongside $110 million in commitments from investors including Soros Fund Management, ARK Investments, and Ares Management. Kodiak's equity holders will roll 100% of their interests into the new company. The company’s stock is expected to trade under the ticker symbol KDK. Founded in 2018, Kodiak has logged over 2.6 million autonomous miles and operates a driverless trucking platform that generates recurring revenue through its Driver-as-a-Service model. The company has delivered its first driverless trucks to Atlas Energy Solutions, which has committed to an initial order of 100 trucks. Kodiak also works with major partners such as Bridgestone, J.B. Hunt, and the U.S. Department of Defense. Its driverless trucks have surpassed 750 hours of commercial operations in the Permian Basin. Kodiak aims to address challenges such as driver shortages and rising transportation costs, with an estimated $1 trillion market opportunity in the U.S. and over $4 trillion globally. The merger will enable Kodiak to expand its technology and customer base across commercial trucking and public sector markets.