Swedish electric and autonomous truck company Einride is set to go public through a merger with SPAC Legato Merger Corp., valuing the startup at $1.8 billion in pre-money equity, the company announced Wednesday.
The transaction is expected to generate roughly $219 million in gross proceeds, not including any redemptions of Legato’s public shares. Einride is also seeking up to $100 million through private investment in public equity (PIPE). The deal is slated to close in the first half of 2026, marking Einride’s anticipated debut on the New York Stock Exchange.
Founded in 2016, Einride develops electric trucks and autonomous pod-like vehicles, driverless trucks designed for fixed routes. Earlier this year, the company appointed Roozbeh Charli as CEO, who said the SPAC merger will “accelerate deployment of our autonomous freight technology and support scaling with existing and new customers.”
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Einride operates a fleet of over 200 electric trucks across Europe, North America, and the UAE, serving clients such as Heineken, PepsiCo, Carlsberg Sweden, and DP World. Its autonomous pods are in operation with Apotea in Sweden and GE Appliances in the U.S. The company reports a current annual recurring revenue (ARR) run rate of $45 million and $65 million in contracted ARR.
The SPAC deal follows a $100 million funding round in October, backed by EQT Ventures and quantum computing firm IonQ, which Charli described as a key step toward “bringing autonomous freight solutions to market faster.” Einride previously raised $500 million in a 2022 Series C round, including $200 million in equity from investors such as Northzone, EQT Ventures, Temasek, and AMF, along with $300 million in debt led by Barclays Europe.
Einride joins a growing group of autonomous trucking startups tapping SPACs to access public markets, following companies like Aurora and Kodiak AI.