Last week we raised total gross proceeds of $483 million, which adds to our $1 billion of liquidity as of the end of June. With runway well into 2026, we expect this incremental capital to fund the initial phase of our scaling strategy. I feel energized by this momentum as we prepare to launch driverless trucks in Texas, planned for the end of this year.
I believe there are specific reasons some of Wall Street’s largest institutional investors continue to back Aurora:
- They have confidence in our leadership and responsible approach to technology
- They recognize our partner ecosystem is unmatched in the industry, putting us on a path to scaling a highly profitable business
- They believe in the benefit of the technology and the economic opportunity it will create
When I look to the future, I envision a world where goods move safely 24/7/365 on driverless trucks. Trucking is the backbone of the American economy but our supply chains are fragile and the number of people who want to drive trucks has not kept up with the demand to move goods. Trucking, as it stands today, is also dangerous – there are now half a million crashes involving trucks resulting in nearly 6,000 deaths every year. Simply put, this technology can’t come soon enough.
I am proud of what Aurora has accomplished. The endorsement from the market continues to validate our progress, path to scale, and the fact we have the most talented team dedicated to bringing this transformative technology to our roads.
I can’t wait for the exciting milestones ahead.
-Chris
Cautionary Statement Regarding Forward-Looking Statements
This article contains certain forward-looking statements within the meaning of the United States federal securities laws. All statements contained in this article that do not relate to matters of historical fact should be considered forward-looking statements, including but not limited to: those statements around our ability to achieve certain milestones around, and realize the potential benefits of, the development, manufacturing, scaling, and commercialization of the Aurora Driver and related services, including relationships and anticipated benefits with partners and customers, and on the timeframe we expect or at all, the market opportunity and profitability of our products and services, and our expected cash use and cash runway. These statements are based on the current assumptions of Aurora’s and Continental’s management and are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual performance or achievements to be materially different from any future performance or achievements expressed or implied by the forward-looking statements. For factors that could cause actual results to differ materially from the forward-looking statements in this investor letter, please see the risks and uncertainties identified under the heading “Risk Factors” section of Aurora Innovation, Inc.’s (“Aurora”) Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 15, 2024, as amended by the Form 10-K/A filed with the SEC on May 24, 2024, and other documents filed by Aurora from time to time with the SEC, which are accessible on the SEC website at www.sec.gov. All forward-looking statements reflect our beliefs and assumptions only as of the date of this investor letter. Aurora undertakes no obligation to update forward-looking statements to reflect future events or circumstances.
