- Kodiak AI, Inc. is scheduled to begin trading on NASDAQ on September 25th, 2025 with the ticker symbols “KDK” and “KDKRW.”
- Kodiak's ~$2.5 billion valuation is one of the largest operating company's DE-SS-SPAC transactions of 2025
- This milestone highlights leadership in the autonomous vehicle sector along with Kodiak's track record of deploying revenues that generate autonomous technology.
- Kodiak and Ares Acquisition Corporation II raised more than $275 million before the cost to help Kodiak accelerate its strategy to the market
Mountain View, California and New York, September 24, 2025 (Globe Newswire) – Kodiak AI, Inc. (“Kodiak“or”company), Kodiak Robotics, Inc., a leading provider of AI-powered autonomous vehicle technology. announced that it has successfully completed its business combination with ARES Acquisition Corporation II (NYSE: AACT).aact) is a publicly available special purpose acquisition company. The business combination was approved by AACT shareholders on September 23, 2025. In connection with the closure, AACT is Kodiak AI, Inc. has been renamed the common stock and public warrants of the company.Nasdaq”) September 25, 2025, under the ticker symbols “KDK” and “KDKRW” respectively.
In relation to the combination of operations with AACT, Kodiak has received more than $222.5 million from certain institutional investors. This includes $145 million in pipe funds and approximately $62.9 million in trust cash from AACT before costs.
“The transportation industry is facing growing challenges, including safety risks, rising costs, and driver shortages,” said Don Burnette, founder and CEO of Kodiak. “To be exposed with the support of our partners at AACT is a critical step in Kodiak's journey and will help us transform how cargo moves by providing driverless solutions to our customers. Kodiak drivers already provide cargo safely and reliably, providing cargo every day to pay customers without humans in the cab. This milestone, and with the support of new and existing investors, I would like to start the next chapter as a public company.”
Kodiak's next-generation AI-powered autonomous driving system, Kodiak drivers are designed to address key challenges in the trucking industry and the public sector, including significant labor shortages, rising costs and demand for shorter delivery timelines. Kodiak drivers integrate learning from real-world experience across commercial trucking and public sector applications to continuously improve AI models and improve reliability and efficiency across a wide range of environments. With around 3 million autonomous miles and over 3,000 paid driverless hours recorded so far, Kodiak drivers are already offering value to their customers. The company has already achieved significant commercial milestones.
- In 2024, Kodiak became the first company to announce unmanned semi-truck delivery to its paid customer, Atlas Energy Solutions (NYSE: AESI), and in 2025 it placed an initial order of 100 trucks.
- Today, Atlas owns and operates a fleet of eight Kodiak driverless trucks, day and night, 24 hours a day, seven days a week.
- Kodiak supplies over 7,300 loads to highway customers, including Maersk, Ikea, JB Hunt, Bridgestone, Cr England and more.
“When we launched AACT, we were trying to find a differentiated business that was ready for commercial growth and was well-located to enter the open market,” said Allyson Satin, AACT's Chief Operating Officer and partner at ARES Management Corporation.Ares”). “Kodiak is already integrated into our client fleet and stands out through innovative technology used to operate unmanned cargo operations that generate daily revenue. We are confident that Don and his team continue to implement strategies to expand as a public company, improve the safety and efficiency of the freight industry and create long-term value for investors. On behalf of AACT and ARES, we would like to congratulate the entire Kodiak organization. We look forward to the continued partnership.”
By accessing the open market through combination with AACT, the company is well positioned to expand the commercialization of Kodiak drivers. The company has leveraged the alignment of both public capital and strategic investors to gain an estimated share of the global freight market of over $4 trillion. Kodiak is Roush Industries, Inc., a major vehicle upfitter. In partnership with the company, it is expanding production of self-driving trucks with Kodiak drivers. Roush delivered its first Kodiak driver-powered truck in August 2025.
The Kodiak driver combines software with sophisticated AI-powered software with modular hardware systems designed to seamlessly integrate into the customer's existing fleet. By leveraging learning from millions of miles on vehicles equipped with all Kodiak drivers, the platform provides scalable, safe and efficient automatic transportation, ensuring that the advancements made by one truck will benefit the entire fleet. Kodiak offers technology through its service model as a driver. This model allows customers to pay a license fee for one mile or per vehicle, accessing driverless operations and ongoing support.
Investor celebration and Berlingi style
To celebrate its expected public market debut on September 25th, 2025, Kodiak will display a Kodiak driver-powered truck in Times Square and ring the Nasdaq opening bell at 9:30am. Executives, executives and key investors will come together to mark this milestone. The ceremony can be streamed live and played on the NASDAQ website https://www.nasdaq.com/marketsite/bell-ringing-ceremony.
Advisor
Citigroup Global Markets Inc. and JP Morgan Securities LLC are pipe placement agents and capital market advisors for AACT. Kirkland & Ellis LLP serves as legal counsel for AACT. Ropes & Gray LLP serves as pipe placement agent and legal advisor to Capital Markets Advisors.
Chardan and TD Cowen are advisors to Kodiak in the financial and capital markets. Wilson Sonsini Goodrich & Rosati, PC, serves as legal counsel for Kodiak. Greenberg Traurig, LLP, serves as legal counsel for Chardan and TD Cowen.
Blueshirt Group serves as investor relations advisor for Kodiak.
Kodiak Ai, Inc. About
Founded in 2018, Kodiak AI is a leading provider of AI-powered autonomous vehicle technology designed to tackle the toughest driving jobs. Kodiak's unmanned solutions can help you address the critical issues of safely transporting goods in the face of unprecedented supply chain challenges. Kodiak's vision is to become a reliable world leader in autonomous ground transportation. Kodiak is committed to a safer and more efficient future for all, through the commercialization of driverless trucking of scale. To that end, Kodiak has developed the Kodiak Driver, a virtual driver that combines sophisticated AI-powered software with modular and vehicle-independent hardware designed to meet the needs of Kodiak customers. Kodiak drivers aren't just ideas. Today it works without a human driver. Kodiak serves both commercial trucking and public sector customers. In 2024, Kodiak believes it has achieved a historic milestone by becoming the first company to deploy a customer-owned and driven driverless truck in commercial services. Kodiak drivers are also used in the public sector, and we believe Kodiak can support national security initiatives and critical government applications.
For more information about Kodiak, please see https://kodiak.ai/investors.
About ARES Acquisition Corporation II
ARES Acquisition Corporation II (NYSE: AACT) is a special purpose acquisition company affiliated with ARES Management Corporation and was established with the aim of carrying out mergers, share exchanges, asset acquisitions, share purchases, reorganizations or similar combinations of businesses.
A positive statement
This press release contains forward-looking statements, including the expectations, hopes, beliefs, intentions, or future strategies of Kodiak and its management team. Forward-looking statements may be identified by the use of the term “anticipation,” “believe,” “continuation,” “potential,” “estimate,” “forecast,” “intent,” “plan,” “plan,” “potential,” “project,” “seek,” “seek,” “essential,” “will,” “predicting a historical event,” and the use of the term “potential.” Words do not mean that the statement does not look to the future. These forward-looking statements include, but are not limited to, statements relating to: Expectations for future performance and Kodiak's success. Expectations regarding Kodiak being listed on Nasdaq. Estimated total addressable market for commercial trucking and public sector applications. Kodiak's operational and product roadmap and the ability to produce and deploy Kodiak drivers at scale. Hopes for Kodiak's expansion plans and opportunities. And the expected benefits of business combinations. These statements are based on a variety of assumptions and are not actual performance forecasts, whether identified in this press release and based on current expectations of Kodiak's management. These forward-looking statements are provided for explanatory purposes only and are not intended to serve as investors as warranties, warranties, forecasts or conclusive statements of fact or probability. Actual events and situations are difficult or impossible to predict and are not assumptions. Many real events and circumstances go beyond Kodiak's control. These forward-looking statements are subject to many risks and uncertainties, including changes in business, market, fiscal, political and legal terms. The rapid evolution of autonomous vehicle technology and the defects or defects or errors in Kodiak's solutions or autonomous vehicle technology in general. The expected profits of the business combination were not realized. Risks related to Kodiak's business development and the timing of expected business milestones. The impact of competition on Kodiak's business. A shortage of materials needed to produce Kodiak drivers. Risks associated with working with third-party manufacturers of key components of Kodiak drivers. Risks related to retrofitting of Kodiak vehicles by third parties. termination or suspension of any of Kodiak's contracts or reduction of counterparty spending. Delay in operational roadmap with key Kodiak partners and customers. and the total company's ability to issue future stocks or stock-related securities. Additional information regarding these and other factors that may affect such forward-looking statements can be found in potential findings by Kodiak, including the Securities and Exchange Commission (“SEC”), including “risk factors.” If any of these risks are realized or assumptions are found to be incorrect, actual results may differ materially from those implied by these forward-looking statements. There may be additional risks that Kodiak may not currently be aware of, and Kodiak believes that it may currently cause results that differ from those contained in forward-looking statements. These forward-looking statements are for illustrative purposes only and are not intended to be relied upon by investors as warranties, warranties, forecasts or conclusive statements of fact or probability.
contact address
Kodiak media related
Daniel Goff
Foreign Affairs Manager
+1 646-515-3933
dan@kodiak.ai
Stacey Morris
Futurista Communications by Kodiak
+1 310-415-9188
stacy.morris@futuristacommunications.com
Kodiak Investor Relations
Lauren Sloan
Kodiak's Blues Heart Group
lauren@blueshirtgroup.com
ARES Media Related
Jacob Silver
media@aresmgmt.com
ARES Investor Relations
Greg Mason
+1 888-818-5298
ir@aresacquisitioncorporationi.com
Photos accompanying this announcement are available at https://www.globenewswire.com/newsroom/attachmentng/de61fa4f-5f29-4e74-b20f-027430752fe8
