Electric vertical take-off and landing vehicle startup Joby Aviation has launched a public offering to sell up to $300 million of its common stock, according to a regulatory filing.
Joby initially offered $200 million in October, but a change to the prospectus increased the offering by $100 million.
Joby said it will use proceeds from the increase – along with existing cash – to fund its certification and manufacturing efforts, prepare for commercial launch in 2025 and for general working capital.
The eVTOL company added that it plans to give the underwriters a 30-day option to purchase an additional $30 million of common stock.
Joby plans to launch urban air taxis next year in New York City and Los Angeles, along with 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 must complete its type certification process to ensure its aircraft design 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 aircraft, and issued 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 data from PitchBook.
A spokesperson for Joby told TechCrunch that the company could not comment on the increase.
This article has been updated to reflect Joby’s current contract amount with the Department of Defense and the total amount Joby hopes to raise with his offering.
