Kodiak Robotics, Inc. to Merge with Ares Acquisition Corporation II

Kodiak Robotics, Inc., a leader in AI-powered autonomous vehicle technology, has announced a definitive business combination agreement with Ares Acquisition Corporation II (NYSE: AACT). This agreement will lead to Kodiak becoming a publicly-listed company.

Kodiak is known for its advanced AI-driven software and modular hardware that make up the Kodiak Driver, a single-platform automated driving system. The company aims to address challenges in the transportation industry such as driver shortages and rising costs.

Founded by Don Burnette in 2018, Kodiak aims to commercialize driverless trucking at scale. The company is expected to accelerate its go-to-market strategy through the partnership with Ares and AACT. The proposed business combination values Kodiak at $2.5 billion and is anticipated to close in the second half of 2025. The combined company will be named Kodiak AI, Inc., with its common stock and public warrants expected to be listed on a national stock exchange under the ticker symbols KDK and KDK WS.

The transaction has received unanimous approval from the boards of directors of both Kodiak and AACT. Key stakeholders such as affiliates of Soros Fund Management, ARK Investments, and Ares have invested or committed over $110 million to support the transaction.