Autonomous Vehicle Startup Aurora Targets $13 Billion Valuation via SPAC Merger
Aurora Innovation goes public through a SPAC merger with Reinvent Technology Partners Y, securing major investments and aiming for a $13 billion valuation. The deal provides the self-driving company with approximately $2.5 billion in cash to bring its product to market.
Autonomous vehicle startup Aurora Innovation goes public through a merger with special purpose acquisition company Reinvent Technology Partners Y. The combined company lists on the Nasdaq under the ticker symbol AUR with an implied valuation of $13 billion. This deal confirms earlier reports that the startup was in final talks with the SPAC launched by Reid Hoffman and Mark Pincus.
The transaction brings in $1 billion from private investors, including major financial institutions like Baillie Gifford, Morgan Stanley, and Sequoia Capital. Strategic investments also come from Uber, PACCAR, and Volvo Group. At closing, the company expects to hold about $2.5 billion in cash to fund its operations and product development.
CEO Chris Urmson calls this a big next step for the company as it focuses on bringing its self-driving product to market. Founded in 2017, Aurora quickly rises to prominence by acquiring Uber's self-driving unit late last year in a complex deal that initially valued the combined entity at $10 billion. The new capital and public market access position Aurora strongly in the competitive autonomous vehicle industry.