Aurora announces plans to become a public company

Autonomous vehicle company Aurora Innovation Inc., which is co-headquartered in both Pittsburgh and Palo Alto, announced its plans to become a public company, according to a news release.

Aurora will go public through a special purpose acquisition company merger with Reinvent Technology Partners Y. The company reported that it raised about $2 billion from the transaction and expects to have $2.5 billion cash at the close of the transaction. Aurora reported that funding included a committed private investment in public equity of $1 billion from investors, including its partners PACCAR, Volvo Group and Uber.

Aurora, founded in 2017, reported that the plans to go public would represent an equity value of $11 billion for the company, according to the release.