Einride’s shares surged as much as 90% on their first day of Nasdaq trading following the SPAC merger with Legato Merger Corp III — which raised over $200 million, with the company’s post-approval valuation settling at $1.35 billion, below the initially proposed $1.8 billion.

The details worth more than the pop: Einride reports 30+ enterprise customers across seven countries with expected ARR of $92 million and potential long-term ARR above $800 million through joint business plans; it targets 300 electric trucks deployed in Europe by 2030; and it is collaborating with Amazon on middle-mile network electrification projected at up to three million electric transport miles annually with zero tailpipe emissions.

The trimmed valuation is the honest part of the story: public markets like the model but are pricing the execution risk of scaling autonomous-electric freight — the same cautious sentiment that met every autonomy SPAC before it. For European fleets, Einride’s relevance stays practical: a well-capitalised, listed operator offering truck-as-a-service takes the capex and residual risk off your balance sheet. Watch the pace of European deployments (and any Benelux entries) in its quarterly reports from here on.