Einride has successfully raised an oversubscribed $113 million PIPE (private investment in public equity) in preparation for its anticipated public debut expected in the first half of 2026.
The Swedish company is renowned for developing electric trucks and autonomous pods intended for transporting goods without a space for a human driver. Einride revealed its intention to go public through a merger with the special purpose acquisition company, Legato Merger Corp., last November.
The deal places Einride at a pre-money valuation of $1.35 billion, a reduction from the initial $1.8 billion valuation connected to the SPAC deal. Despite the decrease in valuation, investor interest remains strong, as evidenced by the PIPE exceeding the initial target of $100 million.
The PIPE includes contributions from both new and existing investors, such as a global asset management firm located on the West Coast of the United States and Stockholm-based EQT Ventures.
In total, Einride has secured approximately $213 million related to this transaction, which includes $100 million previously reported crossover financing.
The SPAC, which will allow Einride to trade on the New York Stock Exchange, was anticipated to provide around $220 million from Legato’s trust account. Combined with the $113 million PIPE, the projected total gross proceeds are about $333 million before redemptions and expenses. Additional capital may be sought before the closing.
The funds will be used to enhance Einride’s technology roadmap, support global expansion, and facilitate autonomous deployments in North America, Europe, and the Middle East.
Beyond Sweden, Einride operates a fleet of 200 heavy-duty electric trucks in Europe, North America, and the UAE for clients such as Heineken, PepsiCo, Carlsberg Sweden, and DP World. The company has also conducted limited deployments of its autonomous pod-like trucks with clients like Apotea in Sweden and GE Appliances in the U.S.
Einride is not the first autonomous vehicle company to pursue a SPAC merger in recent years for additional funding. Aurora Innovation went public via a SPAC merger valued at $13 billion in 2021 and has since initiated a commercial self-driving trucks operation (with a human observer on board). Kodiak AI also followed the SPAC route to the public market in 2025.