Aurora Innovation, a vehicle tech company developing autonomous trucks and cars, has raised USD 483 million in an upsized public offering of Class A common stock. This amount is before the deduction of underwriting discounts, commissions, and other offering expenses, and net proceeds are expected to range between USD 405 million and USD 466 million.

The company intends to use the funds for working capital and other general corporate purposes. Aurora plans to first invest the proceeds into short and long-term investment-grade instruments, certificates of deposit, or guaranteed obligations.

Aurora is pursuing a driver-as-a-service model and plans to launch commercial driverless truck operations by the end of 2024. The company expects this funding to provide runway well into 2026, putting it on track to deploy driverless trucks at scale and become cash flow positive by 2028.

Analyst QuickTake: Aurora initially planned to sell up to USD 420 million of Class A common stock. The company first announced its intention to sell USD 350 million in shares but increased the offering to USD 420 million due to strong investor demand. However, Aurora exceeded its original goal and raised USD 483 million, demonstrating investors' confidence in Aurora's potential for long-term success.