Skip to main content

Market Overview

Argo AI Mulling SPAC Or IPO Deal This Year

Share:
Argo AI Mulling SPAC Or IPO Deal This Year

Argo AI may be considering going public through either a traditional IPO or a transaction with a SPAC.

What Happened: Argo AI, an autonomous vehicle startup backed by Ford Motor Co. (NYSE: F) and Volkswagen (OTC: VWAGY), is reportedly considering going public as soon as this year, Bloomberg reported, citing people familiar with the startup's plans.

On April 1, Argo’s co-founder Bryan Salesky told employees that the company is set to commercialize its self-driving technology and is looking to boost funding. 

Argo AI is still working out whether to go for a traditional IPO or do a transaction with a SPAC. 

Related content: Benzinga's Full SPAC Calendar

Why It Matters: Other startups in this space also could be planning to go public. This includes Alphabet Inc's (NASDAQ: GOOGL) (NASDAQ: GOOG) Waymo, General Motors Company's (NYSE: GM) Cruise and Aurora Innovation Inc., which is backed by Amazon.com, Inc (NASDAQ: AMZN), Bloomberg reports. 

Argo was valued at $7.5 billion when Volkswagen Group finalized its $2.6 billion investment in July 2020.

Ford has invested $1 billion in Argo AI, which is led by former Alphabet and Uber Technologies Inc (NYSE: UBER) staff.

Argo, founded in 2016 by Bryan Salesky and Peter Rander, is jointly controlled by Volkswagen and Ford.

Photo by Yanshu Lee on Unsplash.

 

Related Articles (AMZN + F)

View Comments and Join the Discussion!

Posted-In: Aurora Innovation autonomous vehicles Cruise electric vehicles WaymoM&A News Startups Best of Benzinga

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com