Cruise was founded in 2013 by Daniel Kan and Kyle Vogt. In March 2022, General Motors acquired a majority stake in the company, buying out SoftBank Vision Fund's ownership interest. The company operates as a subsidiary of GM, and while a public offering is no longer in the future, Cruise says that it is exploring new options in private equity that would have "potential upside for employees but without all the distractions of being a public company." These comments should not be interpreted to mean that the company is formally pursuing or foregoing an IPO.
Cruise is an automated taxi service. In June 2022, the company secured a commercial permit from the City of San Francisco, allowing its fleet of self-driving cars to be operate as a rideshare service. The company states that this makes Cruise the first "commercial, driverless ridehail service in a major US city." Cruise has made 4 acquisitions and has raised more than $15 billion in venture capital funding from investors including Honda, Microsoft, GM, T. Rowe Price, and SoftBank Vision Fund. Cruise was most recently valued at $21 billion.