Air MobilityJoby Aviation to raise $514 million through discounted share sale
Joby Aviation announced a $514 million share sale, resulting in the company’s stock falling over 11% after the disclosure. The transaction involves 30.5 million shares offered at $16.85 each, reflecting a 10.9% discount compared to the previous closing price.
According to Joby, the funds will be allocated to support the certification process and the manufacturing scale-up of its electric vertical takeoff and landing (eVTOL) aircraft. Additional resources are directed to preparations for commercial operations and working capital requirements.
The company is currently developing the Joby S4, an eVTOL vehicle designed for short-range urban transport. Production activities are focused at sites in California and Ohio, aiming to meet anticipated demand for sustainable urban mobility solutions.
Joby Aviation’s strategy includes integrating the passenger business acquired from Blade Air Mobility and incorporating it into the Uber app starting in 2026. The expansion is supported by investments from partners such as Toyota Motor and is expected to benefit from U.S. government initiatives to accelerate advanced air mobility.
The company recently completed the first piloted eVTOL flight between two public airports in the United States, marking a milestone for the sector. Test operations involving FAA pilots are scheduled for 2026, with initial commercial routes planned in Los Angeles and New York City.
Joby also collaborates with L3Harris Technologies to develop a military variant of its aircraft, diversifying its portfolio. The company holds a current market capitalization of $16.3 billion, with Morgan Stanley acting as the sole bookrunner for the offering, expected to close on Thursday.
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