Company: CCIXW
Filing Date: 2025-12-05
Form Type: S-4/A
Source: 0001193125-25-309933
Chunk: 455

Company: Churchill Capital Corp IX/Cayman
Filing Date: 2025-12-05
Form: S-4/A
Chunk 455
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 through their existing sales and service networks to fleet operators, maintaining the traditional commercial vehicle value chain.

Trucks enabled with SuperDrive have the potential to significantly reduce the operating costs of commercial trucking. We expect the economic benefits of these cost savings to be distributed across the freight ecosystem, including fleet operators, OEMs, and developers of virtual driver technology.

As the autonomous trucks are utilized, fleet operators will pay OEMs a fee‑per‑mile under a Driver‑as‑a‑Service (“DaaS”) model. This fee can reduce—and may ultimately replace—the cost fleet operators currently bear for human drivers. We expect that our OEM partners will be contractually obligated to share a fixed portion of the DaaS fee with PlusAI, aligning our revenue with customer adoption and truck utilization, creating a predictable and scalable software‑as‑a‑service (“SaaS”) revenue stream.

Autonomous adoption improves economics for every participant in the ecosystem:

Fleet operators can increase annual truck profitability by up to 4.5x through lower operating costs and higher truck utilization.

OEMs can shift from a one‑time asset sale to capturing recurring DaaS revenue.

PlusAI benefits from ongoing SaaS revenue as autonomous trucks are utilized.

Based on management estimates, PlusAI expects to generate more than $40,000 in annual SaaS revenue per deployed truck.1

1Assumes 240,000 annual autonomous miles per deployed truck.

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Because we do not manufacture trucks, operate fleets, or maintain large‑scale physical support infrastructure, our asset‑light model requires minimal capital expenditures and ongoing support costs. OEM and ecosystem partners manage vehicle manufacturing, financing and leasing, servicing and maintenance, parts replacement, and other operational functions. This allows PlusAI to leverage existing industry infrastructure while focusing exclusively on software development and autonomy system integration. We believe this approach supports rapid scalability and the potential for recurring software revenue at an estimated 85% target gross margin.

Refer to the section entitled “Proposal No. 1 — The Business Combination Proposal — Unaudited Prospective Unit Economics Information” for additional details.

Our Competitive Advantages

We believe that PlusAI is well positioned to capture the opportunity in autonomous trucking because of several competitive advantages spanning our team, technology, product, partnerships, and business model. These strengths differentiate our approach and provide the foundation for scaling SuperDrive globally.

Technical Founder Team . Our co‑founders—including David Liu (CEO), Shawn Kerrigan (COO) and Hao Zheng (CTO)—