Joby Aviation, a California-based startup developing electrical vertical take-off and landing (eVTOL) aircraft, has announced a public offering of common stock up to $200 million, according to a regulatory filing.
In this offering, Joby also intended to provide underwriters with a 30-day option to purchase an additional $30 million in shares.
The company said the capital—together with existing cash, cash equivalents and short-term investments—will be used to fund its certification and manufacturing efforts, prepare for commercial operations in 2025 and general working capital and corporate purposes.
However, the completion and terms of the offering are dependent on prevailing market conditions, and no guarantees have been made regarding the finalisation or specifics of the offering.
Morgan Stanley and Allen & Company are acting as joint book-running managers for the proposed offering.
Established in 2012, Joby has developed an all-electric, eVTOL aircraft with a mission to provide clean, fast, and quiet urban air transportation globally. Its aircraft is designed to carry four passengers and one pilot at 200 mph over a 100-mile range on a single charge, with zero emissions during operation.
This service, once commercially launched, is intended to be accessible via a mobile app, similar to ride-sharing apps but with flights between major urban destinations.
Joby has made significant strides toward commercial service, including partnerships with major companies like Delta Air Lines and collaborations with NASA and the US Air Force. It has conducted more than 30,000 miles of test flights, with certification from the US Federal Aviation Administration (FAA) anticipated by 2025.
Joby operates in California and plans high-rate production in Ohio, aiming for 500 units annually. With partners like Toyota and Delta, it focuses on a vertically integrated model for air taxi service via an app-based platform.
On Oct 1. 2024, Toyota committed to investing $500 million in Joby Aviation through a stock purchase agreement, with the funds split into two $250 million tranches, to support the certification and commercial production of eVTOL aircraft.
The agreement also grants Toyota specific registration rights for resale. As of September 30, 2024, Joby’s preliminary cash and investments total approximately $710 million, pending final financial review.
Besides Toyota, Joby is backed by Uber, Delta Air Lines, and South Korea’s SK Telecom, as well as global partners such as ANA Airlines in Japan and the Road and Transport Authority in Dubai.
Alongside partners Delta Air Lines and Uber, Joby plans to launch air taxis for urban transportation next year in New York City and Los Angeles. It also plans to launch services in Dubai and Abu Dhabi.
