Insider Brief
- Kodiak Robotics closed its merger with Ares Acquisition Corporation II and will begin trading on Nasdaq as Kodiak AI (tickers KDK and KDKRW) on Sept. 25, 2025, after securing $212.5M+ in PIPE and trust proceeds to fund growth.
- The company reports ~3 million on-road autonomous miles, 3,000+ paid driverless hours, delivery of driverless trucks to paying customer Atlas Energy Solutions (initial 100-truck order; 8 units now operating up to 24/7), and 7,300+ loads for shippers including Maersk, IKEA, J.B. Hunt, Bridgestone, and C.R. England.
- Kodiak, valuation at roughly $2,5 billion, plans to scale its Driver-as-a-Service model and production via Roush Industries, positioning for broader freight commercialization while marking its public debut with a Times Square vehicle display and Nasdaq bell-ringing on Sept. 25.
- Photo Credit: Kodiak AI
Autonomous‑trucking company Kodiak Robotics is going public with a $2.5 billion valuation.
The company announced it has completed its merger with Ares Acquisition Corporation II and will begin trading as Kodiak AI, Inc. on the Nasdaq under tickers KDK and KDKRW on Sept. 25, to accelerate commercialization of its driverless platform.
The business combination, approved by Ares Acquisition Corporation II (AACT) shareholders on Sept. 23, renames the SPAC to Kodiak AI, Inc. and adds fresh capital to fund growth. In connection with the closing, Kodiak received more than $212.5 million from certain institutional investors, including $145 million in PIPE funding and approximately $62.9 million in trust cash from AACT, before expenses, the company said.
“The Kodiak Driver is already on the road, safely and reliably delivering freight every day for paying customers without a human in the cab,” Don Burnette, Founder and CEO of Kodiak said in a statement. “Our driverless operations show that autonomy is no longer a future promise but a reality today.”
Kodiak, founded in 2018, framed the listing as a launchpad to scale deployments of its next‑generation autonomous driving system, the Kodiak Driver, across commercial trucking and public‑sector applications. The platform is designed to address persistent trucking challenges—labor shortages, rising costs and tighter delivery timelines—by pairing AI‑powered software with modular, vehicle‑agnostic hardware that can be integrated into existing fleets, the company said.
The company said in 2024, it became the first company to announce delivery of driverless semi‑trucks to a paying customer, Atlas Energy Solutions, which in 2025 ordered of 100 trucks, according to the company. Other accomplishments pointed out by Kodiak include:
- ~3 million on-road autonomous miles and 3,000+ paid driverless hours to date, according to the company.
- Atlas currently operates eight Kodiak Driver-powered driverless trucks running up to 24/7.
- 7,300+ loads delivered for on-highway customers including Maersk, IKEA, J.B. Hunt, Bridgestone, and C.R. England.
Business Model and Production
Kodiak offers Driver‑as‑a‑Service, in which customers pay per‑mile or per‑vehicle licensing fees for driverless operations and support. To scale manufacturing, Kodiak has partnered with Roush Industries, Inc., a vehicle upfitter, which delivered its first Kodiak Driver‑powered truck in August 2025, the company said. Kodiak positions itself to capture a share of the $4+ trillion global freight market by combining public capital with strategic investor alignment.
Allyson Satin, chief operating officer of AACT and a partner at Ares Management Corporation, said, “When we launched AACT, we set out to find a differentiated business primed for commercial growth and well‑positioned to enter the public markets. Kodiak has distinguished itself through its innovative technology, which is already integrated into customer fleets and utilized for daily, revenue‑generating driverless freight operations. We are confident in Don and his team as they continue to execute on their strategy to scale as a public company, improve the safety and efficiency of the freight industry and create long‑term value for investors. On behalf of AACT and Ares, I want to congratulate the entire Kodiak organization, and we look forward to our continued partnership.”
Market Debut
To mark its expected first day of trading, Kodiak said it will display a Kodiak Driver‑powered truck in Times Square and ring the Nasdaq opening bell at 9:30 a.m. ET on Sept. 25. The ceremony will be streamed on Nasdaq’s website, the company said.
Citigroup Global Markets Inc. and J.P. Morgan Securities LLC served as PIPE placement agents and capital markets advisers to AACT; Kirkland & Ellis LLP advised AACT; and Ropes & Gray LLP advised the placement agents. Chardan and TD Cowen acted as financial and capital‑markets advisers to Kodiak; Wilson Sonsini Goodrich & Rosati, P.C. served as Kodiak’s legal adviser; and Greenberg Traurig, LLP advised Chardan and TD Cowen. The Blueshirt Group is Kodiak’s investor‑relations adviser, the companies said.
