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MOUNTAIN VIEW/NEW YORK - Autonomous vehicle technology provider Kodiak AI, Inc. announced Wednesday it has completed its business combination with special purpose acquisition company Ares Acquisition Corporation II. According to InvestingPro data, the company maintains a solid financial position with a current ratio of 1.56, indicating strong short-term liquidity.
The combined company, renamed from Kodiak Robotics, Inc., is expected to begin trading on the Nasdaq Stock Market Thursday under the ticker symbols "KDK" for common stock and "KDKRW" for public warrants.
The transaction, which values Kodiak at approximately $2.5 billion, raised over $275 million before expenses, including $145 million in PIPE funding and about $62.9 million in trust cash from Ares Acquisition Corporation II. The company’s current market capitalization stands at $1.44 billion, with InvestingPro analysis indicating the stock may be undervalued based on its Fair Value assessment. Discover more detailed valuation insights and 6 additional key ProTips with an InvestingPro subscription.
Kodiak’s autonomous driving system, the Kodiak Driver, has logged approximately 3 million on-road autonomous miles and over 3,000 paid driverless hours to date. The company currently has eight driverless trucks operating for Atlas Energy Solutions, which placed an initial order of 100 trucks. This operational growth aligns with the company’s impressive 49.18% revenue growth over the last twelve months. Access comprehensive analysis and the full Pro Research Report for Kodiak, along with 1,400+ other top stocks, exclusively on InvestingPro.
"Going public marks an important step in Kodiak’s journey to help transform how freight moves by providing our driverless solution to customers," said Don Burnette, Founder and CEO of Kodiak, in the press release statement.
The company offers its technology through a Driver-as-a-Service model, with customers paying per-mile or per-vehicle licensing fees for driverless operations and ongoing support.
Kodiak has partnered with Roush Industries to scale production of autonomous trucks equipped with the Kodiak Driver, with the first such truck delivered in August.
To celebrate its public market debut, Kodiak will display a Kodiak Driver-powered truck in Times Square and ring the Nasdaq opening bell Thursday morning. The company enters the public markets with a Financial Health Score of FAIR, based on InvestingPro’s comprehensive evaluation system that considers growth, profitability, and momentum factors.
In other recent news, Atlas Energy Solutions Inc. reported its second-quarter 2025 earnings, which showed a notable discrepancy between earnings per share (EPS) and revenue performance. The company posted an EPS of -$0.04, significantly missing the forecasted $1.08, which represents a surprise of -103.7%. Despite this EPS miss, Atlas Energy Solutions achieved a strong revenue outcome, with actual revenue reaching $288.7 million, surpassing the expected $239.17 million by 20.71%. Following the earnings announcement, Stifel adjusted its price target for Atlas Energy Solutions, lowering it to $14.00 from $14.50, while maintaining a Buy rating. This adjustment came after Stifel noted that the company’s adjusted EBITDA was weaker than anticipated, missing consensus estimates by 6.9%. These developments provide investors with a detailed view of the company’s recent financial performance and analyst perspectives.
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