Self-driving technology startup Aurora to go public with market capitalization of $13 billion

Self-driving technology startup Aurora to go public through a deal with a blank-check firm backed by Silicon Valley heavyweights Reid Hoffman and Mark Pincus that gave market capitalization of $13 billion to the company.

‘The deal with Reinvent Technology Partners includes a private placement of $1 billion from investors such as Baillie Gifford, Fidelity Management and Research, T. Rowe Price, Morgan Stanley, and Sequoia Capital, Uber Technologies Inc, PACCAR, and Volvo Group’ Aurora said on Thursday.

The company plans to focus initially on automating heavy trucks, with its first product slated to enter the commercial market in late 2023. In addition to freight, it will focus on the delivery and ride-hailing markets.