Zapata AI going public in $200Mn merger
BOSTON & INDIANAPOLIS, UNITED STATES — Zapata Computing, Inc. (Zapata AI), an industrial generative AI software company, plans to go public through a merger with Andretti Acquisition Corp. (NYSE: WNNR), valuing Zapata at an implied $200 million pre-money equity value.
Founded in 2017 as a Harvard University spin-off, Zapata AI has an extensive IP portfolio covering generative AI and optimization technologies. The company partners with Amazon, Google, IBM, Nvidia and others, providing solutions for sectors like life sciences, finance, automotive, and government/defense.
“Our engineers and scientists have spent years building, testing and refining our proprietary software to put Zapata AI—and our customers—at the forefront of the generative AI revolution,” said Christopher Savoie, CEO of Zapata AI.
Andretti Acquisition Corp. is a special purpose acquisition company (SPAC) formed in 2021 by racing team Andretti Autosport. Andretti is familiar with Zapata through an existing partnership leveraging Zapata’s AI for race strategy optimization.
Michael Andretti, Co-CEO of Andretti Acquisition Corp., expressed optimism, stating, “Based on our understanding of its vast capabilities, compelling go-to-market strategy, and ambitious growth plan, we believe there is tremendous enterprise revenue opportunity.”
The merger will provide up to $365 million in capital to Zapata AI through Andretti Acquisition Corp’s cash in trust and investor commitments.
Zapata expects to list on the New York Stock Exchange (NYSE) under the ticker “ZPTA” upon completing the transaction over the coming months.
