Joby Aviation, an electric vertical takeoff and landing aircraft startup, has launched a public offering to sell up to $200 million in common stock, according to a regulatory filing.
Joby said the proceeds from the procurement, along with existing cash, will be used to support certification and manufacturing efforts, preparation for commercial launch in 2025, and general working capital.
The eVTOL company added that it intends to grant the underwriters a 30-day option to purchase an additional $30 million in common stock.
Next year, Joby, along with partners Delta Air Lines and Uber, plans to launch air taxis for urban transportation in New York City and Los Angeles, as well as Dubai and Abu Dhabi. The startup also has a $55 million contract with the Department of Defense.
Before Joby can be launched, a type certification process must be completed to ensure the aircraft design meets the required safety and airworthiness standards.
The call comes as the Federal Aviation Administration this week established guidelines for training and operating rules for eVTOL pilots, paving the way for eVTOLs to share U.S. airspace with helicopters and planes. This follows a $500 million injection from Joby's existing investor Toyota Motor Corporation earlier this month.
Joby has raised $2.6 billion to date, according to PitchBook data.
Joby did not immediately respond to a request for comment.