Einride geht für 1,35 Milliarden Dollar über einen SPAC an die Nasdaq, ein Rückgang von 5 Milliarden Dollar.

      Einride, a Swedish driverless trucking firm, went public on Nasdaq through a SPAC merger, achieving a valuation of $1.35 billion, which is a 73% decline from the $5 billion previously discussed with banks. The company’s revenue has not been revealed.

      On Wednesday, Einride began trading on Nasdaq after merging with Legato Merger Corp III, with a pre-money valuation of around $1.35 billion, down from the $1.8 billion reported in November and significantly lower than earlier IPO discussions. CEO Roozbeh Charli mentioned that the lower valuation was accepted to attract high-quality investors, stating they prioritized engaging good investors at a fitting valuation.

      Charli is hopeful that SpaceX’s IPO, occurring later this week, will boost interest in deep tech companies. He believes it will shine a light on the significant technological advancements in the field, although it remains uncertain whether this "SpaceX effect" will positively influence a $1.35 billion SPAC listing for an autonomous trucking entity, as the two sectors do not share much in common beyond the deep tech classification.

      Einride's rivals in the autonomous trucking space, such as Aurora Innovation and Kodiak AI, have experienced poor share performance post-listing, highlighting the challenges of maintaining public valuations in a sector where commercialization timelines have been consistently delayed. Charli noted that while they all target similar markets, they are taking different approaches.

      Einride differentiates itself by developing electric trucking software and autonomous systems, rather than modifying existing diesel trucks. Founded in Stockholm in 2016, the company designs cab-less electric freight vehicles for use in logistics and warehousing.

      Following the merger, Capital Group and EQT Ventures remain the largest shareholders, succeeded by Alyeska Investment Group.

      The company’s valuation fell from $5 billion (bank discussions) to $1.8 billion (posted in November) to $1.35 billion (final agreement). This decreasing trend indicates that the market continually reassessed the value of autonomous trucking throughout the process. Although Charli portrays it as a strategic decision to attract better investors, the 73% valuation decline is notable no matter the interpretation.

      Einride’s shift from diesel to electric vehicles has progressed slower and proved more complex than expected, with high vehicle costs and infrastructure challenges serving as obstacles. Revenue, profitability, and deployment metrics have not been disclosed in Bloomberg's reports. Furthermore, opting for a SPAC listing as opposed to a traditional IPO means Einride faced less scrutiny from underwriters compared to standard offerings.