Autonomous trucking startup Kodiak Robotics is to go public through a merger with Ares Acquisition Corporation II, a special purpose acquisition company affiliated with Ares Management Corporation.
The deal will make Kodiak a publicly listed company under the name Kodiak AI, with shares expected to trade under the ticker symbols KDK and KDK WS, pending regulatory approval.
Founded in 2018 by autonomy pioneer Don Burnette, Kodiak has emerged as a leading player in driverless trucking, developing an AI-powered automated driving system known as the Kodiak Driver.
The company’s system combines modular hardware and AI-driven software designed to integrate with commercial fleet operations and adapt to a variety of real-world environments.
Burnette, who serves as CEO, said the agreement marks a pivotal step in Kodiak’s mission to transform the transportation industry.
“This is a remarkable milestone for the Kodiak team and reinforces our confidence in the significant value proposition we see in our differentiated driverless technology,” Burnette said.
“We believe entering the public markets will accelerate our strategy to expand our existing partner relationships, provide our technology to a broader customer base, and deliver enhanced solutions across the commercial trucking and public sector industries.
“Further, with Kodiak’s disciplined approach to capital management, along with strategic and financial support from Ares, we believe we are well-positioned to execute on our long-term growth plans.”
“On behalf of the entire Kodiak team, we are thrilled to be working with Ares and AACT as we continue to drive our mission to create a safer and more efficient future for the trucking industry.”
Kodiak’s Driver-as-a-Service business model charges customers per mile or per truck, providing a scalable solution tailored to the evolving logistics landscape. The company claims its system improves fuel efficiency, safety, and cost predictability.
In what it says is a first for the industry, Kodiak began operating fully driverless semi-trucks in partnership with Atlas Energy Solutions in 2024.
To date, the trucks have completed over 750 hours of autonomous operations across Texas’s Permian Basin. In March 2025, Atlas committed to ordering 100 additional trucks, following the achievement of key performance benchmarks.
The Kodiak Driver has logged more than 2.6 million autonomous miles and is being developed for broader deployment across various vehicle types. The company estimates that its technology addresses a $1 trillion market opportunity in the US, and a $4 trillion total addressable market globally.
David Kaplan, co-CEO of AACT and co-founder of Ares, praised Kodiak’s progress in the sector.
“As an early-mover in autonomous trucking and first to deliver a commercial driverless product to a customer, Kodiak has quickly set itself apart as an industry leader in a significant addressable market,” said Kaplan.
“We are excited to partner with Don and the Kodiak team as they seek to further capitalize on significant industry tailwinds and deliver value for their stakeholders.”
AACT COO and Ares partner Allyson Satin added: “We believe Kodiak’s scalable technology, combined with its established network, position the Company to meet the evolving and growing demands of its customers and communities.
“We look forward to lending Ares’ decades of experience investing and navigating through dynamic market environments in support of Kodiak’s long-term goals.”
Kodiak’s customers and partners include Bridgestone, J.B. Hunt, Werner Enterprises, C.R. England, and Martin Brower. The company has also secured a contract with the US Department of Defense, receiving approximately $30 million to adapt its autonomous driving systems for military use.
The company’s leadership team includes veterans of AI, robotics, and transportation, supported by more than 200 employees. Burnette himself has a long track record in autonomous vehicle development, having previously co-founded the self-driving unit at Otto (acquired by Uber).
Under the terms of the deal, Kodiak’s pre-money valuation is set at $2.5 billion. The combined entity expects to receive up to $551 million in cash from AACT’s trust account, assuming no redemptions.
The transaction has attracted more than $110 million in additional investment from institutional backers including Soros Fund Management, ARK Investments, and Ares. Existing investor ARK Investments has also reaffirmed its support for Kodiak.
The boards of both Kodiak and AACT have unanimously approved the agreement, which is expected to close in the second half of 2025, pending shareholder approval and customary regulatory clearances.
Investor and legal information
Kodiak and AACT plan to host a joint investor presentation, available via the Kodiak Investor Relations website at kodiak.ai/investors. Additional information, including the business combination agreement and investor presentation, will be filed with the US Securities and Exchange Commission.
Advisors to the transaction include Citigroup and J.P. Morgan Securities for AACT, with legal support from Kirkland & Ellis. Kodiak is advised by Chardan, TD Cowen, and Wilson Sonsini Goodrich & Rosati, with Greenberg Traurig advising TD Cowen. Investor relations support is provided by The Blueshirt Group.
