May Mobility announced plans to become a publicly traded company through a merger with ACP Holdings Acquisition, a special purpose acquisition company trading on Nasdaq under the ticker ACGC. The transaction would value the combined entity at roughly $1.4 billion, with operations to continue under the May Mobility name and listing under MAY on the Nasdaq exchange.
The autonomous ride-hailing sector represents a significant market opportunity. Analysts project the global robotaxi market could reach approximately $415 billion by 2035, with the United States representing roughly $48 billion of that total. The U.S. commercial autonomous vehicle fleet is expected to expand from approximately 4,000 vehicles currently to around 35,000 by 2030, representing roughly 8% of the ride-sharing market. Bank of America previously estimated the long-term U.S. total addressable market for autonomous vehicle ride-hailing at approximately one trillion dollars.
May Mobility’s business model centers on transitioning to an asset-light operational structure. Under this approach, the company would transfer vehicle costs and site operating expenses to fleet operating partners while retaining costs for remote supervisors, field engineers, and software maintenance. Management projects annual gross margins per vehicle between $35,000 to $50,000 under this model, compared to negative margins in its current asset-heavy configuration. The company targets a 50% reduction in bill of materials costs by the end of 2028 through advances in computing, sensors, and partnerships with manufacturers like Toyota.
The merger is expected to provide May Mobility with up to $337 million in funding. The company generated roughly $10 million in revenue in 2025 with a 27% gross margin while burning $93 million in cash. Long-term projections target gross margins of approximately 70% and earnings before interest and taxes margins around 30% once autonomous operations scale without human drivers. However, analysts note the investment carries substantial risk given the significant cash burn rate and competitive landscape featuring established players like Waymo and Tesla’s autonomous vehicle initiatives.
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