Joby Aviation, an electric vertical take-off and landing aircraft startup, has launched a public offering to sell up to $300 million in common stock, according to a regulatory filing.
Joby initially offered $200 million in October, but the offer was increased by $100 million after amendments to its prospectus.
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 worth of 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 $131 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.
A Joby spokesperson told TechCrunch that the company could not comment on the raise.
This article has been updated to reflect Joby's current contract value with the Department of Defense and the total amount Joby hopes to raise from its proposal.