Kodiak Robotics to go public in SPAC deal valuing firm at $2.5 billion

The combined entity, which will be called Kodiak AI, would also receive about $551 million of cash held in Ares Acquisition's trust account upon closing, the companies said. The deal has also secured commitments and investments of over $110 million from investors, including Soros Fund Management, ARK Investments and Ares Management. Founded in 2018, Kodiak specializes in developing self-driving technology for trucks and generates recurring revenue through autonomous trucking operations in the Permian Basin, delivering goods for U.S. customers.