Joby Aviation, the electric vertical takeoff and landing (eVTOL) startup, has initiated a public offering to sell up to $300 million in common stock, according to a regulatory filing. This move follows a $222 million fundraising effort in October, bringing the potential total capital raised to $522 million. The funds will support Joby’s certification and manufacturing processes, as well as general working capital, as it prepares for its commercial launch in 2025.
Joby plans to introduce air taxis for urban transportation in New York City, Los Angeles, Dubai, and Abu Dhabi, partnering with Delta Air Lines and Uber. The startup also holds a $131 million contract with the U.S. Department of Defense (DoD).
Before launching its service, Joby must complete the Federal Aviation Administration’s (FAA) type certification process to ensure its aircraft meet safety and airworthiness standards. This process has gained momentum as the FAA recently established rules for integrating eVTOLs into U.S. airspace and provided guidelines for pilot training and operations.
The public offering comes on the heels of a $500 million investment from Toyota, Joby’s existing backer, earlier this month. To date, Joby has raised $2.6 billion, according to PitchBook data.
The upcoming commercial rollout marks a significant step for Joby and the eVTOL industry, which aims to revolutionize urban transportation by providing sustainable, fast, and efficient air travel. Joby’s plans align with the increasing focus on integrating advanced air mobility solutions into urban environments, bolstered by regulatory progress and significant investor interest.
A Joby spokesperson declined to comment on the current fundraising initiative.