Electric vertical takeoff and landing vehicle startup Joby Aviation has launched a public offering to sell up to $300 million of its shares of common stock, per a regulatory filing.
Separately, Joby raised $222 million in October from underwriters. This latest filing adds to that offering and would give Joby the chance to raise a total of $522 million as it gears up to launch commercially in 2025.
Joby said it will use the proceeds from the raise — together with its existing cash — to fund its certification and manufacturing efforts and for general working capital.
Joby plans to launch air taxis for urban transportation next year in New York City and Los Angeles alongside partners Delta Air Lines and Uber, as well as in Dubai and Abu Dhabi. The startup also has a $131 million contract with the Department of Defense.
Before Joby can launch, it will need to complete its type certification process to ensure the design of its aircraft meets required safety and airworthiness standards.
The public offering comes as the Federal Aviation Administration this week cleared the way for eVTOLs to share U.S. airspace with helicopters and airplanes, and set up guidelines for eVTOL pilot training and operating rules. It also follows a $500 million injection from Joby’s existing investor Toyota earlier this month.
Joby has raised $2.6 billion to date, according to PitchBook data.
A spokesperson from Joby told TechCrunch the company could not comment on the raise.
This article has been updated to reflect Joby’s current contract amount with the DoD and the total amount Joby hopes to raise from its offering.
Correction: The $300 million public offering is not an amendment to the October filing. It is a separate offering.
