Joby Aviation Accelerates Funding Push Ahead of 2025 eVTOL Debut
$300M Public Offering to Support Certification and Manufacturing
Joby Aviation, the pioneering electric vertical takeoff and landing (eVTOL) company, has filed to sell up to $300 million in common stock through a public offering. This strategic move comes as the company prepares for its anticipated 2025 commercial launch of urban air taxi services.
Key Financial Developments:
- Recent Funding: Follows a $222 million October 2024 underwritten offering
- Total Potential Raise: Combined offerings could generate $522 million
- Existing Backing: Includes a recent $500 million investment from Toyota
- Total Funding to Date: $2.6 billion raised since inception (PitchBook data)
Strategic Use of Proceeds
Joby plans to allocate the new capital toward:
- Completing FAA type certification requirements
- Scaling manufacturing capabilities
- General working capital needs
The company will combine these funds with its existing cash reserves to ensure smooth progress toward its 2025 operational timeline.
2025 Commercial Launch Plans
Joby has established key partnerships for its initial service rollout:
- U.S. Markets: New York City and Los Angeles with Delta Air Lines and Uber
- Middle East Expansion: Dubai and Abu Dhabi operations
- Government Contracts: $131 million agreement with the U.S. Department of Defense
Regulatory Progress and Industry Momentum
The offering coincides with significant regulatory advancements:
- FAA Clearance: Recent approval for eVTOLs to share airspace with traditional aircraft
- New Guidelines: Established standards for pilot training and operations
Path to Certification
Before commercial operations can begin, Joby must:
- Complete full type certification process
- Demonstrate compliance with all safety standards
- Finalize airworthiness approvals
Note: Joby Aviation declined to comment on the offering when contacted by TechCrunch.
Article updated to reflect current DoD contract value and offering details. Correction: The $300 million offering represents a separate initiative from October’s filing.
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