Electric chassis maker Xos Trucks agrees to $575M SPAC merger Surging investor interest in electric vehicles sets stage to bring startup public 2,097 3 minutes read Xos Trucks is heading for public trading via a reverse merger that expects the company to have a $2 billion valuation. (Photo: Xos Trucks) Electric truck chassis maker Xos Trucks is going public with blank check backing from a special purpose acquisition company (SPAC). Xos will merge with NextGen Acquisition Corp. at an implied market capitalization of $2 billion. North Hollywood, California-based Xos will get $575 million raised by NextGen (NASDAQ:NGAC) . NextGen raised $335 million through an initial public offering in which investors gave NextGen a “blank check” to pursue a merger. Another additional $220 million came via a private investment in public equity (PIPE).