Kodiak Robotics and Ares Acquisition Corporation (AACT*), a publicly traded special-purpose acquisition company, have entered into a definitive business combination agreement through which Kodiak will become a publicly listed company. The transaction places a pre-money equity value on Kodiak of approximately US$2.5bn, with existing Kodiak equity holders rolling 100% of their interests into the combined company. (*AACT is an affiliate of Ares Management Corporation.)
Kodiak’s single-platform automated driving system, the Kodiak Driver, combines advanced AI-driven software with modular hardware. The company already generates recurring revenue through driverless operations in the Permian Basin in the US, and autonomously delivering goods daily for customers in locations around the US. It has secured a firm commitment from its strategic partner, Atlas Energy Solutions, for an initial order of 100 trucks.
The Kodiak Driver integrates what it has learned from real-world experience across commercial trucking and public-sector applications to continuously improve AI models and increase reliability and efficiency in a wide range of environments. Kodiak’s platform is designed to enable technology integration with customers’ existing operations, providing a flexible, scalable, Driver-as-a-Service solution tailored to customers’ needs. Kodiak’s AI-powered autonomous platform is built to handle some of the world’s toughest trucking jobs and has logged over 2.6 million autonomous miles in real-world conditions.
Kodiak was founded in 2018 by industry veteran, Don Burnette, with a vision of becoming a trusted world leader in autonomous ground transportation dedicated to commercializing driverless trucking at scale. In 2024, Kodiak claimed it was the first company to announce delivery of a driverless trucking product to a customer. Today, Kodiak says it provides differentiated solutions that are demonstrated to make costs more efficient and predictable, and enhance fuel economy and safety across the commercial trucking and public-sector markets.
By partnering with AACT and accessing the public markets, Kodiak is expected to accelerate its go-to-market strategy that aims to address an estimated US$4+ trillion global opportunity.
“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,” said Burnette. “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.”
David Kaplan, CEO and co-chairman of the board of directors of AACT and co-founder of Ares, added, “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. 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.”
Allyson Satin, COO of AACT and a partner at Ares, concluded, “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.”