Churchill Capital Corp Ix · NASDAQ:CCIX
Churchill Capital Corp Ix — Churchill Capital Corp IX/Cayman — SPAC Merger (June 2025)
55 slides from Churchill Capital Corp Ix's SPAC merger presentation, Jun 5, 2025
Slide 1: Plus to go public in partnership with Churchill Capital
Exhibit 99.2 AI-powered virtual driver software trusted by global Plus-enabled truck transportation leaders completing driver- out autonomous committed to making safety tests in autonomous trucking a April 2025 commercial reality Plus to go public in partnership with Churchill Capital Investor Prese
Slide 2: About this presentation
About this presentation This presentation is provided for informational purposes only and has been prepared to assist interested parties in making their own evaluation with respect to a business combination (the “proposed transaction”) between Plus Automation, Inc. (“Plus”) and Churchill Capital Cor
Slide 3: About this presentation: Additional Information
About this presentation Additional Information About the Proposed Transaction and Where to Find It The proposed transaction will be submitted to shareholders of Churchill IX for their consideration. Churchill IX intends to file a registration statement on Form S-4 (the “Registration Statement”) with
Slide 4: Partnership team
Partnership team CHURCHILL CAPITAL CORP IX Michael Klein David Liu Shawn Kerrigan Steve Spinner Chairman and Co-Founder and Co-Founder and Chief Financial Officer Chief Executive Officer Chief Executive Officer Chief Operating Officer • 35+ years of experience in strategic • 30+ years of experience
Slide 5: Plus mission
Plus mission Deploy autonomous driving intelligence at global scale to create value in commercial trucking Executing the mission by integrating AI-powered virtual driver software into factory-built trucks Trusted by global transportation leaders committed to making autonomous trucking a commercial r
Slide 6: Built to scale
Built to scale Led by a technical founder team with proven track records of scaling innovation-driven companies Capital light Endorsed by Safe, AI-native High margin, software business OEM partners technology recurring revenue TM TM SuperDrive is the virtual driver OEMs will factory-install SuperDri
Slide 7: Autonomy in motion
Watch Video Watch Video Autonomy in motion Plus-enabled truck completing driver-out autonomous safety tests in April 2025 C Ch hu ur rch chil ill l C Cap apit ital al 7
Slide 8: Plus to go public in partnership with Churchill Capital Corp IX
Plus to go public in partnership with Churchill Capital Corp IX Compelling physical AI investment opportunity Churchill Capital 8
Slide 9: Churchill Capital track record
Churchill Capital Proven track record of launching unique, high-growth companies in the public equity markets Our most recent partnership Churchill Capital Churchill Capital Corp IX Nasdaq: CCIX Sponsoring leading companies with 6 closed transactions AltC Acquisition Corp delivered $306 million of g
Slide 10: Physical AI is an attractive investment area
Physical AI is an attractive investment area Commercial trucking is a critical industry ripe for innovation Agentic AI Physical AI Large new Autonomous digital agents that use AI systems embedded in real-world Why is Physical AI an attractive investment area? frontiers generative models to reason, p
Slide 11: Plus is a leading physical AI company
Plus is a leading physical AI company Commercializing virtual driver software for autonomous trucking (1)(2) • >70% of total U.S. and EU annual freight volume is moved by trucks (1) ‒ U.S. truck freight market: ~$1.0 trillion → ~$1.5 trillion by 2035 (4.4% CAGR) Trucking Opportunity: A Critical (2)
Slide 12: Simple, shareholder-friendly transaction
Simple, shareholder-friendly transaction Alignment of long-term interests between public investors, Churchill’s sponsor, and existing Plus shareholders Robust Intensive Attractive Expected search diligence partnership transaction process completed structure close in 2025 40+ targets evaluated by Chu
Slide 13: Positioned to win with a customer-centric, OEM-led approach
Positioned to win with a unique customer-centric, OEM-led approach Right business model, go-to-market strategy, and financial profile Completed in April 2025 Full driver-out validation complete✓✓✓ Geographic focus Valuation $1.2bn $11.3bn $2.5bn (4) Transaction value (pre-money) Observed market capi
Slide 14: Attractive entry valuation with upside potential
Attractive entry valuation with upside potential Set up for long-term success in the public markets ✓ Clear playbook for Aurora’s valuation rose significantly as the company approached value appreciation the target launch date for driver-out commercial operations $19.5 as other autonomous (3) Max va
Slide 15: Led by a technical founder team with proven track records
Led by a technical founder team with proven track records Compelling physical AI investment opportunity Churchill Capital 15
Slide 16: Proven executive team built on experience, innovation, and trust
Proven executive team built on experience, innovation, and trust… Plus co-founders have decades of experience working together and scaling businesses Co-Founders Founding team experience by the numbers Plus has… companies founded ~ & and scaled prior to Plus 160+ 90 6 issued patent applications Davi
Slide 17: Seasoned leadership team with diverse expertise
…complemented by seasoned leadership team with diverse expertise Deep bench of operators and executives to drive execution and growth Seasoned Executive Team Decades of Expertise Anurag Ganguli VP of R&D Amit Kumar VP of Engineering Amisha Vadalia VP of Operations David Liu Shawn Kerrigan Hao Zheng
Slide 18: Plus has been scaled into an industry leading software player
Plus has been scaled into an industry leading software player… Endorsed by leading global trucking players Early Mover Customer Endorsements Software Scaling 2016 2021 2021 2024 2025 H1 Founded in Begins partnership IVECO selected Hyundai announced March 2025: Announces partnership with NVIDIA to ad
Slide 19: Ecosystem of partners committed to autonomous trucking
…with an ecosystem of partners committed to autonomous trucking Partnership led approach enables Plus to grow in a capital efficient manner Expected advantages of building an ecosystem of partners Autonomy Software Fleet Operator Autonomous virtual driver Vehicle and hub operations Asset-light and l
Slide 20: The massive truck freight market needs autonomous trucks
The massive truck freight market needs autonomous trucks Compelling physical AI investment opportunity Churchill Capital 20
Slide 21: U.S. trucking market
U.S. trucking market Trucking is the backbone of the U.S. economy, consistently moving over 70% of total freight volumes and generating circa $906 billion of revenue in 2024 2030 $1,186 U.S. commercial trucking share of total freight movement U.S. commercial trucking revenue 2035 (1) (1) $1,452 (% b
Slide 22: U.S. trucking market: driver shortage
U.S. trucking market Persistent shortage of 64,000 drivers (and growing) is one of the leading issues facing the U.S. trucking industry… Estimated U.S. truck driver shortage (1) Factors underpinning the truck driver shortage (drivers) Aging workforce with nearly 50% of the current (2) ~2x driver pop
Slide 23: U.S. trucking market: rising labor costs
U.S. trucking market …resulting in labor costs increasing 30% in recent years, now representing over 40% of the total per mile operating expense of trucking Average marginal cost of a truck driver (1) Estimated average marginal cost per mile breakdown ($ per mile) +30% 0.97 Insurance Tires Other 0.9
Slide 24: Truck operators can see up to 4.5x profitability uplift
Truck operators can see up to 4.5x profitability uplift from autonomous trucks… Dual benefit to truck operators of driver costs savings and increased truck utilization (6) Unit economics per mile Annual miles driven Annual profit earned by customers $ per mile Miles per truck $ per truck 240,000 >$8
Slide 25: Value capture for OEMs and L4 software
…with substantial value capture available to the OEMs and L4 software Deployment of autonomous trucks creates the potential for a recurring revenue stream (1) (3) Human-Driven Autonomous Commentary Human-driven direct costs Potential costs eliminated by Distribution of value to Trucking fleets incur
Slide 26: OEMs view autonomy as a critical growth opportunity, but lack software
OEMs view autonomy as a critical growth opportunity, but lack software Compelling physical AI investment opportunity Churchill Capital 26
Slide 27: Plus has a leading position among truck manufacturers
Plus has a leading position among truck manufacturers TRATON, Hyundai, and IVECO are among the largest truck platforms in the U.S. and Europe (1) Share of New Truck Sales (2) a subsidiary of Daimler + U.S. and Europe U.S.-only U.S.-only Source: S&P Global. Note: Information on Aurora and Torc are ba
Slide 28: Truck manufacturers are essential for autonomous commercial reality
Truck manufacturers are essential for autonomous to be a commercial reality OEMs have the embedded customer relationships and sales / service channels required to scale Leading autonomous players OEM partners Why is OEM partnership essential? (1) L4 trucks likely to be factory produced in order to o
Slide 29: Plus OEM partnership: TRATON
Plus OEM partnership Partnership announced March 2024 Autonomous hub-to-hub x technology on the path to commercialization Partnership highlights • TRATON brands Scania, MAN, and International are working together with Plus to intensify the development of L4 autonomous driving solutions Watch Video –
Slide 30: Plus OEM partnership: Hyundai
Plus OEM partnership Partnership highlights Partnership announced May 2024 • Hyundai Motor and Plus share a vision for a sustainable, zero-emissions freight future, solidifying the foundation for a strong strategic fit between fuel-cell trucks and an autonomous transport network Reduction in CO outp
Slide 31: Plus OEM partnership: IVECO
Plus OEM partnership Partnership announced April 2021 Partnership highlights Watch Video • IVECO’s latest-generation S-WAY heavy-duty trucks will be integrated Watch Video with Plus’s full-stack autonomous driving system • In May 2025, an IVECO heavy-duty truck integrated with Plus’s semi-autonomous
Slide 32: AI-native technology platform with robust safety features
AI-native technology platform with robust safety features Compelling physical AI investment opportunity Churchill Capital 32
Slide 33: Plus provides the critical software layer for autonomous trucks
Plus provides the critical software layer that enables autonomous trucks OEMs will factory-install SuperDrive and sell autonomous trucks through their existing channels Hardware / Sensors • Requires significant scale and Data Layer volume Lidar Camera Radar SuperDrive Model • High value-add • Superi
Slide 34: A modern approach to autonomous driving
A modern approach to autonomous driving Leveraging an AI-native strategy to build best-in-class virtual driving software using 5 million real-world miles 1 2 Autonomous Vehicle 2.0 Driving Intelligence Leveraging Gen AI, open foundation Early adopter of AV 2.0 paradigm to models, and a diverse data
Slide 35: Training across diverse driving conditions
Plus is training across a significant diversity of driving conditions Plus is building a generalizable virtual driver for autonomous trucks Avoid emergency lane vehicle Left-hand driving Rain Snow Cut-ins Avoid wide load Churchill Capital 35
Slide 36: SuperDrive three-layer redundancy architecture
Plus SuperDrive three-layer redundancy architecture Integrated on-truck and cloud computing capabilities power safety and driving precision On-Truck Reasoning Vision Language Model Commands High-Level Guidance and Decision Reflex Primary Vehicle End-to-End Transformer Model Verified Planning Driving
Slide 37: Strategic and tactical driving intelligence
Strategic and tactical driving intelligence SuperDrive Primary Driving System On-Truck Inputs Commands Vehicle State Navigation Sensors Reasoning Interpret complex real-world interactions and generate high-level driving decisions for rare / untested scenarios Vision Language Model High-level guidanc
Slide 38: Real-time monitoring for maximum safety
Real-time monitoring for maximum safety SuperDrive Primary Driving System On-Truck Reasoning Reflex Guardrails Vision Language Model End-to-End Transformer Model Safety Assurance Model Redundant Fallback System On-Truck Operates on a secondary edge computer that continuously monitors the primary sys
Slide 39: Responsive oversight and intervention
Responsive oversight and intervention SuperDrive Primary Driving System On-Truck Reasoning Reflex Guardrails Vision Language Model End-to-End Transformer Model Safety Assurance Model Redundant Fallback System On-Truck Information Hardware Algorithm Redundancy Redundancy Redundancy Remote Operation S
Slide 40: Safety is at the core of the Plus approach
Safety is at the core of the Plus approach to innovation The Plus Safety Case Framework unifies engineering into a structured safety argument Safety The Plus autonomous driving system meets the requirements for safe operation on public roads Understand Prove Develop Design Deploy Structured processe
Slide 41: High margin, recurring revenue supported by regulatory readiness
High margin, recurring revenue supported by regulatory readiness Compelling physical AI investment opportunity Churchill Capital 41
Slide 42: Regulations are favorable for autonomous truck deployment
Regulations are favorable for autonomous truck deployment Key freight routes in the U.S. and Europe allow autonomous trucks United States Europe (1) (2) (3) Expressly Able to Deploy Implicitly Able to Deploy Expressly Able to Test Guidelines in Place for Testing L4 CMVs Prohibited Source: AVIA State
Slide 43: Plus is expecting commercial deployments in 2027+
Plus is expecting commercial deployments in 2027+ Clear roadmap to support commercial launch 2025 2026 2027 2028 Commercial readiness Fleet trials and commercial pilots Validation, launch, and scaling Commercial Priorities Cost and utilization optimization Pilot customer endpoints Customer endpoints
Slide 44: Software business model without the associated selling costs
Software business model without the associated selling costs… Recurring revenue generated on a per-mile basis Integrated OEM go-to-market approach OEM partners continue to work Remote Assist directly with their fleet customers ✓ Driver-as-a-Service through the sale, service, and support of their aut
Slide 45: Attractive revenue and gross margin potential
…resulting in attractive revenue and gross margin potential Targeting 85% gross margins at scale (5) Illustrative unit economics Illustrative revenue sensitivity Split between Number of autonomous trucks deployed $ in mm OEM and Plus Other savings >250,000 new heavy-duty $0.85 (6) $0.12 truck regist
Slide 46: Plus expects to be funded through commercial deployment post transaction
Plus expects to be funded through commercial deployment post transaction All proceeds raised will be used to fund growth Estimated transaction sources and uses Pro forma ownership Sources $ mm % Shares % Assumes $10 per share (millions) Ownership (1)(2) Churchill IX cash in trust 299 20% (3) Existin
Slide 47: Concluding remarks
Concluding remarks Compelling physical AI investment opportunity Churchill Capital 47
Slide 48: Built to scale
Built to scale Led by a technical founder team with proven track records of scaling innovation-driven companies Capital light, Endorsed by Safe, AI-native High margin, software business OEM partners technology recurring revenue TM TM SuperDrive is the virtual driver OEMs will factory-install SuperDr
Slide 49: Supporting materials
Supporting materials Churchill Capital 49
Slide 50: Long-term financial targets at scale
Long-term financial targets at scale Estimates and model assumptions Assumption Commentary • Before commercial deployment: Approximately $15 million in 2025, scaling to approximately $22 million in 2027 Selling, General, and Administrative Expenses • Long-term assumption: Approximately 5.0% of reven
Slide 51: Plus today is focused on commercializing in the U.S. and European markets
Plus today is focused on commercializing in the U.S. and European markets Spun out our China operations in 2023; no longer pursuing any operations or business activity in China Company Legacy 2020 Plus Plus Today Governance Today Plus co-founders Software-only, capital- Hardware/software Business ho
Slide 52: Risk factors
Risk factors Unless the context otherwise requires, references below to “we,” “us” or “our” refer to the business of Plus AI prior to the consummation of the proposed business combination, which will be the business of the combined company and its subsidiaries following the proposed transaction. Inv
Slide 53: Risk factors (cont'd)
Risk factors (cont’d) 18. Our brand and reputation may be harmed by negative publicity or safety and other concerns, including due to any flaws or misuse of autonomous driving technologies, whether actual or perceived, intended or inadvertent, committed by us or by other third parties. Failure to ma
Slide 54: Risk factors (cont'd)
Risk factors (cont’d) 40. We are subject to anti-corruption, anti-bribery, anti-money laundering, and similar laws, and non-compliance with such laws can subject us to administrative, civil and criminal fines and penalties, collateral consequences, remedial measures and legal expenses, all of which
Slide 55: Plus / Churchill Capital
@ Plus CHURCHILL CAPITAL
Churchill Capital Corp IX/Cayman — SPAC Merger (June 2025) on 6ix