Einride has secured a PIPE (private investment in public equity) oversubscription of $113 million ahead of its public debut, which is expected in the first half of 2026.
The Swedish startup is best known for building electric trucks and autonomous vehicles designed to transport cargo without room for a human driver. Einride announced plans to go public through a merger with a special-purpose buyout firm, Legato Merger Corp., last November.
The deal values Einride at a pre-money valuation of $1.35 billion — down from the $1.8 billion originally pegged to the SPAC deal. Despite the fall in valuation, there is still clearly investor appetite for the company. PIPE surpassed the company’s previous target of up to $100 million.
Einride’s PIPE comes from new and existing investors, including a global asset management firm based on the West Coast of the United States and Stockholm-based EQT Ventures.
In total, Einride has secured approximately $213 million in this transaction, including a previously announced $100 million in crossover financing.
The SPAC, which will see Einride traded on the New York Stock Exchange, was expected to hand over about $220 million from Legato’s trust account. With the addition of the $113 million PIPE, the companies now forecast total gross proceeds of about $333 million before acquisitions and expenses, although they say they may seek additional capital before closing.
Proceeds will support Einride’s technology roadmap, global expansion and standalone deployments in North America, Europe and the Middle East.
Outside of Sweden, Einride has a fleet of 200 heavy-duty electric trucks in Europe, North America and the UAE for companies such as Heineken, PepsiCo, Carlsberg Sweden and DP World. The company has also done limited deployments of the autonomous pod-like trucks with customers such as Apotea in Sweden and GE Appliances in the US
Einride is not the first autonomous vehicle company to pursue a SPAC merger in recent years for additional funding. Aurora Innovation went public through a $13 billion SPAC merger in 2021 and has since launched a commercial self-driving truck business (with a human observer on board). Kodiak AI also took the SPAC route to go public in 2025.
