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Turkish AI company HubX, which recently became Türkiye’s eighth unicorn after reaching a $1 billion valuation, is in talks to become a publicly traded company on the U.S. Nasdaq, the world’s largest exchange by market capitalization, according to a statement.
U.K.-based blank-check firm Daedalus Special Acquisition Corp. announced Tuesday that it had signed a non-binding letter of intent with HubX for a proposed business combination, which would take the Turkish company public with its securities listed on the Nasdaq Stock Market.
The proposed transaction remains at an early stage. The companies plan to negotiate definitive agreements, while the deal is subject to due diligence, shareholder and regulatory approvals and other customary closing conditions, Daedalus said.
In connection with the proposed combination, HubX has received an investment of up to $75 million from U.S.-based Point72 Private Investments at a $1.2 billion pre-money valuation, making it Türkiye’s eighth unicorn.
Akin Babayigit, co-CEO of Daedalus, pointed to the rapid growth of the consumer AI market and the opportunities it creates for companies with strong products and distribution.
"The consumer AI market is growing rapidly, creating significant opportunities for companies with strong products and distribution," Babayigit said. "As frontier models become increasingly commoditized, we believe more value will accrue to the application layer, where HubX's proprietary data and distribution capabilities provide a meaningful advantage."
Founded in Türkiye in 2022, HubX develops AI-powered consumer applications and operates through autonomous in-house studios focused on specific app categories. The studios are backed by shared marketing, data and analytics and engineering resources through the company’s central platform.
Its applications have been downloaded more than 600 million times, while the company reaches more than 100 million users each month.
HubX also operates HubX AI Lab, an AI research center that has worked with Google’s Tensor Processing Units, or TPUs. The company was an early adopter of the technology and managed to reduce AI image-generation costs by 40%, according to the statement.
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