Driverless trucks haul sand across fracking sites in Texas. Photo: Courtesy of Kodiak
A company that tested its autonomous trucking technology in North Texas went public on Nasdaq last week with a roughly $2.5 billion valuation.
Why it matters: Kodiak AI says it had one of the largest operating company de-SPAC deals of the year after merging with Ares Acquisition Corp. II.
How it works: A combination of sensors — camera, radar and LiDAR — help the "Kodiak Driver" examine the surrounding environment and adjust to the behavior of other drivers.
State of play: California-based Kodiak has tested its technology in Texas' Permian Basin and on routes between Dallas County and Houston. The company's freight clients include IKEA, C.R. England and Tyson.
Kodiak's autonomous trucks currently make deliveries from city to city with a safety driver behind the wheel to monitor the system.
The company plans to start driverless deliveries next year, per a company spokesperson.
Between the lines: Kodiak's decision to go public via SPAC with Ares Acquisition Corp. II came down to timing, Kodiak CEO Don Burnette tells Axios Pro.
"It was a more sure path to get into the markets with a faster timeline," he says.
What's next: Kodiak has a large contract with Austin-based Atlas Energy Solutions that Burnette says will allow the company to deliver hundreds of trucks by the end of 2026.
