The Q2 2026 print is the quarter Aurora moved from demonstration to industrial scaling. Revenue of $2 million (vs $1 million in Q2 2025) and a quarterly net loss of $270 million both look small in absolute terms; what matters is the trajectory, not the print. Management launched the second-generation International LT driverless fleet late in the quarter, executed two new Transportation as a Service (TaaS) agreements (Charger Logistics and Value Truck, both starting in the Dallas–Laredo and Fort Worth–Phoenix corridors), and Volvo Autonomous Solutions began commercial service for DSV and AVI-SPL on the Volvo VNL Autonomous. Aurora ended the quarter with $1.22 billion of cash and short-term investments and a fresh at-the-market (ATM) issuance of 30 million shares for $215 million in net proceeds during Q2. The 200-driverless-truck fleet target for year-end 2026 - implying an approximately $80 million annualized TaaS revenue run-rate exiting the year - is the load-bearing forward number, because it is the precondition for the 2027 shift to the asset-light Driver as a Service (DaaS) model and for Volvo Autonomous Solutions' plan to exit 2027 with more than 300 driverless trucks. The unresolved question is execution: whether Aurora can convert the fully allocated 2026 fleet into 2027 DaaS contracts and begin to bend the operating loss trajectory before the $1.2 billion liquidity cushion starts to compress meaningfully under the $190–220 million average quarterly cash use.