Company: CCIXW
Filing Date: 2025-12-05
Form Type: S-4/A
Source: 0001193125-25-309933
Chunk: 460

Company: Churchill Capital Corp IX/Cayman
Filing Date: 2025-12-05
Form: S-4/A
Chunk 460
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 at approximately 43% and 24% of total operating costs, respectively. These figures reflect a significant increase over the past decade.

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According to the American Transportation Research Institute (“ ATRI ”)’s 2024 Operational Costs of Trucking report, labor costs rose by approximately 30% from 2019 to 2023. These labor market constraints are expected to contribute to continued cost escalation and operational challenges across the freight transportation sector. Industry analyses indicate that L4 autonomy could lower the average cost per mile by over 40%, or approximately $0.97 per mile, primarily through reductions in labor-related expenses.

| Human-Driven |     | Autonomous |

Autonomous trucking is expected to materially improve vehicle-level profitability for fleet operators. Based on industry and management projections and estimates, the annual profit per vehicle could increase nearly 4.5 times, from approximately $18,400 for a human-driven truck to more than $84,000 for a driverless vehicle equipped with L4 autonomy. This increase is primarily attributed to two factors: higher profit margins per mile and improved asset utilization.

| Unit economics per mile$ per mile |     | Annual Miles DrivenMiles per truck |     | Annual profit earned by customers(6)$ per truck |

(1) U.S. national average for dry van contract rate per DAT. (2) Composed of $0.97 of driver costs and $1.30 of other costs per ATRI Operational Cost of Trucking Report 2024.

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Includes cost of autonomous truck, virtual driver, and services enabling autonomous freight service.

ATRI Operational Cost of Trucking Report 2024.

Assumes 7,560 total available operating hours per year per autonomous truck with 75% of miles driven in autonomous mode at an average speed of 42 miles per hour.

Illustrative internal management estimate.

McKinsey & Company projects the market for autonomous heavy‑duty trucking in the US and Europe could reach $290 billion in annual revenue by 2035, underscoring the size of the opportunity for companies able to commercialize solutions at industrial scale.

OEMs are Critical to Adoption of Autonomous Solutions

The manufacturing of heavy‑duty trucks in the United States and Europe is highly concentrated, with approximately 95% of new truck production in 2024 attributable to six OEMs: TRATON GROUP, Daimler Trucks, Volvo, Hyundai Motor Company, P