Aurora, which develops hardware and software that enables vehicles to drive autonomously, said on Thursday that it is getting listed through a SPAC merger. In order to go public, Aurora has entered into a deal with special purpose acquisition company Reinvent Technology Partners (RTP), which will close this year, thus setting up the merged company with $2.5 billion in cash. Once the SPAC merger is complete, Aurora will trade on the Nasdaq under the ticker symbol AUR with a total valuation of $11 billion. Commenting on the development, Aurora co-founder and CEO Chris Urmson said, "This is a natural next step for us. This will unlock the capital we need to deliver the Aurora driver as a service at scale." The self-driving technology start-up has entered into partnership with companies like Toyota, Uber and truck manufacturers Volvo and Paccar and is thus aiming to include a wide range of vehicles, delivery services and mobility firms for its technology. Aurora said that the final aim is to enable vehicles to achieve Level 4 autonomous driving, a level at which human presence is not required when the vehicles are on the road. Aurora expects to have its self-driving technology integrated into Volvo and Paccar Class 8 trucks by late 2023. As these trucks will operate autonomously on streets and highways, they will generate revenue per mile for the company. Mark Pincus, co-founder and director of Reinvent Technology Partners, said that the company invested in Aurora because it was a "clear leader" in the industry. "This is a no-brainer for us to be in the mix. It represents everything we are looking for in the autonomous vehicle market," he added. As per Aurora, the global trucking, last-mile delivery and ride-hailing markets are worth a combined $9.4 trillion. In short, they represent a huge opportunity, which explains why automakers like GM, Tesla and Volkswagen are investing billions to develop autonomous vehicles in this market.
For comments and feedback contact: editorial@rttnews.com
Business News
April 24, 2026 15:15 ET Economics news flow was relatively light this week even as the conflict in the Middle East continued, raising concerns for policymakers. In the U.S., spending data, initial jobless claims and pending home sales were the highlights. Business confidence in the biggest euro area economy was in focus in Europe. Inflation data from Japan gained attention in Asia.