Kodiak AI shares fall 37% after $100M fundraising at a steep discount signals investor caution.

Kodiak AI's stock dropped 37% after the company raised $100 million by selling shares at $6.50 each, well below its $9.10 closing price, indicating investor wariness about its valuation. The funding, including warrants, came from existing backer Ares Management and other institutional investors to support scaling its self-driving truck business. Despite revenue growth to $1.8 million in Q1, Kodiak's operating loss doubled to $37.8 million, highlighting ongoing cash burn. The company plans to launch driverless trucking on public highways later this year, transitioning to a driver-as-a-service model, and is progressing with commercial contracts and technology validation.