Kodiak AI Launches on Nasdaq After Completing $2.5 Billion Merger
Kodiak AI, Inc. commenced trading on the Nasdaq Stock Market today, February 27, 2025, following the completion of its business combination with Ares Acquisition Corporation II (AACT). The company’s shares are trading under the ticker symbols KDK and KDKRW. The transaction values Kodiak, a developer of autonomous trucking technology, at approximately $2.5 billion,positioning it as one of the largest de-SPAC (special purpose acquisition company) deals of the year.
The merger yielded over $275 million in proceeds for Kodiak, comprised of $145 million from private investment in public equity (PIPE) funding and roughly $62.9 million from AACT’s trust account, before accounting for expenses. company leadership stated the influx of capital will be instrumental in accelerating the commercial rollout of the Kodiak Driver, its AI-powered autonomous driving system.
“Going public with the support of our partners at AACT marks an important step in Kodiak’s journey to help transform how freight moves,” said Don Burnette, Founder and CEO of Kodiak. “The Kodiak Driver is already on the road, safely and reliably delivering freight every day for paying customers without a human in the cab.”
Kodiak reached a significant milestone in 2024, becoming the first company to announce the delivery of driverless semi-trucks to a customer – Atlas Energy Solutions. Atlas has since expanded its commitment with an order for 100 Kodiak-powered units and currently operates eight of the autonomous trucks in a 24/7 capacity.
To date, Kodiak has successfully completed over 7,300 freight deliveries for a diverse range of fleets, including major players like Maersk, IKEA, J.B. Hunt, Bridgestone, and C.R. England. The company has accumulated 3 million autonomous miles driven and logged over 3,000 hours of paid driverless operation.
kodiak’s entry into the public market allows it to target a portion of the expansive global freight market, estimated to exceed $4 trillion. The company’s “driver-as-a-Service” model offers fleets access to driverless technology on a per-mile or per-vehicle basis, bolstered by strategic partnerships, notably with Roush Industries for vehicle production.
To celebrate its public debut, Kodiak is showcasing a driverless truck in New York City’s Times Square and officially marked the occasion by ringing the Nasdaq opening bell.
