Motive, a key player in fleet management software, has officially filed for an Initial Public Offering (IPO) on the New York Stock Exchange under the ticker symbol “MTVE.” This move positions Motive among a notable cohort of technology firms gearing up to enter the public markets in 2026, with industry giants like Anthropic, OpenAI, and SpaceX reportedly considering similar paths.
While not yet as large as some of its potential IPO peers, Motive’s filing provides a snapshot of its financial trajectory. For the third quarter, the company reported a net loss of $62.7 million on revenues of $115.8 million. This represents a widening of the net loss compared to the $41.3 million loss in the same quarter of the prior year, though revenue saw a significant uptick of approximately 23% year-over-year. As of September’s close, Motive boasted a client base nearing 100,000.
Founded in 2013 as Keep Truckin’ by Ryan Johns, Obaid Khan, and Shoaib Makani, the company rebranded to Motive in 2022. Shoaib Makani currently serves as CEO and is Khan’s brother-in-law. The company’s growth has been supported by a strong roster of investors, including Alphabet’s GV, Base10 Partners, Greenoaks, Index Ventures, Kleiner Perkins, and Scale Venture Partners.
Motive’s core offering revolves around its AI-powered Dashcam, a device designed to monitor driving behavior. The company highlights its impact, with CEO Shoaib Makani noting in a letter to investors that the technology has “prevented 170,000 collisions and saved 1,500 lives on our roads.” The primary revenue stream for Motive stems from its subscription services, supplemented by sales of replacement hardware and professional services.
The company, headquartered in San Francisco, has also invested significantly in its artificial intelligence capabilities, employing 400 full-time data annotators tasked with labeling data to enhance its AI models. As of September 30, Motive’s workforce comprised 4,508 employees.
Motive faces ongoing patent-infringement litigation with rival Samsara, a company that successfully went public in 2021 and has since achieved a market capitalization of $22 billion. This legal challenge, alongside the competitive landscape of fleet management and AI technology, will be factors for investors to consider as Motive embarks on its IPO journey. The company’s filing underscores the continued investor appetite for technology companies, particularly those leveraging artificial intelligence to solve tangible business problems.
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