Swedish startup Einride has secured an oversubscribed private investment in public equity, or PIPE, of $113 million ahead of its planned public debut in the first half of 2026. The company is best known for building electric trucks and autonomous pods designed to carry freight without any space for a human driver.
Einride announced its intention to go public last November via a merger with a special purpose acquisition company called Legato Merger Corp. This deal values Einride at a pre-money valuation of $1.35 billion. While this figure is down from an initial $1.8 billion attached to the SPAC deal, investor interest remains strong, as the PIPE exceeded the company’s earlier target of up to $100 million.
The PIPE funding comes from a mix of new and existing investors, including a global asset management company based on the West Coast of the United States and Stockholm-based EQT Ventures. In total, Einride has secured approximately $213 million tied to this transaction, which includes $100 million in previously announced crossover financing.
The SPAC merger, which will see Einride trade on the New York Stock Exchange, was expected to deliver roughly $220 million from Legato’s trust account. With the new $113 million PIPE, the companies now project total gross proceeds of about $333 million before redemptions and expenses, though they may seek additional capital before closing.
The proceeds will support Einride’s technology development, global expansion, and autonomous vehicle deployments in North America, Europe, and the Middle East. Outside its home country of Sweden, Einride operates a fleet of 200 heavy-duty electric trucks for major clients like Heineken, PepsiCo, Carlsberg Sweden, and DP World across Europe, North America, and the UAE. The company has also conducted limited deployments of its autonomous pod-like trucks with customers including Apotea in Sweden and GE Appliances in the United States.
Einride is not the first autonomous vehicle company to pursue a SPAC merger for funding in recent years. Aurora Innovation went public via a SPAC valued at $13 billion in 2021 and has since launched a commercial self-driving truck operation. Similarly, Kodiak AI took the SPAC route to the public market in 2025.