Autonomous and electric vehicle technology company Einride is the latest mobility firm to announce plans to go public on the New York Stock Exchange (NYSE) through a merger with special purpose acquisition company (SPAC) Legato Merger Corp. The SPAC merger values Einride at $1.8 billion in pre-money equity value.
The merger is expected to be completed in the first half of 2026.
For those unfamiliar, a SPAC merger happens when a publicly traded "blank check" company (in this case Legato) combines with a private business to take it public, instead of going through a traditional IPO. This isn't the first time (and definitely not the last) a SPAC merger like this has taken place—Nikola went public via the same method back in June 2020.
Hoping to avoid Nikola's bankruptcy fate, Sweden-based Einride, founded in 2016, has demonstrated strong commercial traction, serving more than 25 customers—including several blue-chip companies—in seven countries. The company has also developed industry-leading autonomous vehicle technology, supported by regulatory permits in both the United States and Europe. The company's U.S. office is in Austin, Texas.
SPAC merger specifics
The proposed business combination strengthens Einride's positioning to become the leader of the global transition to autonomous freight operations within the $4.6 trillion global road freight market.
[Related: Einride completes first-ever electric truck border crossing without a driver]
The transaction is projected to raise approximately $219 million in gross proceeds, excluding any potential redemptions of Legato's public shares. In addition, the company is pursuing up to $100 million in private investment in public equity (PIPE) funding to further support its growth and expansion plans.
The deal is also being bolstered by $100 million in crossover capital raised earlier this year from both existing and new institutional investors. Participants include a major U.S.-based global asset management firm, EQT Ventures, and NordicNinja.
Roozbeh Charli, CEO of EinrideEinride
"Today marks a defining moment for Einride and for the future of freight technology," said Roozbeh Charli, CEO of Einride. "We've proven the technology, built trust with global customers, and shown that autonomous and electric operations are not just possible, but better. This Transaction positions us to accelerate our global expansion and continue to deliver with speed and precision for our customers. The foundation is built, the demand is clear, and our focus is on execution and delivering the future of freight."
What makes Einride unique in the market is its dual electric and autonomous vehicle (EV/AV) platform, combined with its proprietary AI technology and a zero-traffic-incident safety record, the company provides a solid operational foundation for scaling electric and autonomous freight operations with major industry partners, such as PepsiCo.
Einride's growth platform is underpinned by a contracted Annual Recurring Revenue (ARR) base of $65 million and over $800 million in potential long-term ARR through joint business plans with customers. This setup provides a roadmap for scaling revenue as global freight operators increasingly adopt electrified and autonomous solutions.
