Battery Takes $124 Million Bet on Kodiak AI. Here's What Investors Should Know

On February 17, 2026, Battery Management Corp. disclosed a new position, acquiring 11,356,669 shares in Kodiak AI (KDK 0.34%) for an estimated $124.01 million.

What happened

According to a SEC filing dated February 17, 2026, Battery Management Corp. established a new position in Kodiak AI (KDK 0.34%), acquiring 11,356,669 shares. The quarter-end position value in Kodiak AI increased by $124.01 million due to the new purchase.

What else to know

• This new position accounts for 19.91% of Battery Management Corp.'s reportable 13F assets under management as of December 31, 2025.
• Top holdings after the filing:
  • NASDAQ:TTAN: $351.44 million (56.4% of AUM)
  • NASDAQ:KDK: $124.01 million (19.9% of AUM)
  • NASDAQ:BRZE: $111.95 million (18.0% of AUM)
  • NYSE:CXM: $18.64 million (3.0% of AUM)
  • NASDAQ:CSBR: $16.73 million (2.7% of AUM)
• As of February 18, 2026, shares of Kodiak AI were priced at $8.77, roughly flat since the firm’s public-market debut in September.

Company overview

Company snapshot

• Kodiak AI develops AI-powered ground autonomy software for vehicles, focusing on trucking, defense, and industrial applications.
• Its business model centers on providing advanced navigation solutions to commercial fleets, defense contractors, and industrial operators.
• The company serves customers seeking scalable, AI-driven autonomy platforms for highway, surface street, and off-road environments.

Kodiak AI is a technology company specializing in AI-driven software for autonomous vehicle navigation across multiple environments. Its proprietary multi-sensor architecture supports robust solutions for trucking and industrial markets.

What this transaction means for investors

Conviction matters more when a company is fresh to public markets and still proving its model. That is what makes this move notable. Kodiak just completed its business combination in September and ended the third quarter with $146.2 million in cash, giving it meaningful runway to scale its autonomous trucking platform. Operationally, the company doubled its fleet to 10 fully driverless trucks and logged more than 5,200 cumulative hours of paid driverless operations, a 166% jump from the prior quarter.

Financially, it is still early. Third quarter revenue totaled just $770,000, while operating expenses reached $30.7 million, leading to a loss from operations of nearly $30 million. For the first nine months, free cash flow was negative $82.1 million. This is a capital-intensive, pre-scale story.

Within the broader portfolio, the position instantly becomes the second-largest holding at nearly 20% of assets, behind TTAN at 56%. That signals high risk tolerance and a willingness to back frontier technology alongside established names like BRZE.

For long-term investors, the question is not near-term profitability. It is whether autonomous trucking can move from pilot deployments to durable, recurring Driver as a Service revenue at scale. If that inflection comes, today’s flat share price may look like an entry point rather than a ceiling.