JOBY

1. Entity Frequency and Category Focus

The latest documents (October 2025) emphasize capital markets activity and liquidity, alongside continued progress toward commercialization and expanded international operations.

Increase in Financial Terms

$591.0 million gross proceeds; $16.85 per share; 35,075,000 shares (incl. 4,575,000 option shares)

• Oct 9, 2025 closing of underwritten offering managed by Morgan Stanley; option fully exercised.
• Use of proceeds: certification, manufacturing, commercial ops prep, and working capital.

Shift observed: Strong equity demand increased offering to full option exercise, materially strengthening liquidity ahead of commercialization.

$513.9 million initial gross proceeds at pricing (Oct 7, 2025) → $591.0 million at close

• Pricing document to closing shows full take-up of the underwriter option.

Shift observed: Upsizing signals improved investor confidence versus earlier capital raises.

$202 million at $5.05 per share (Oct 2024)

• Prior offering terms vs. Oct 2025 $16.85 price.

Shift observed: Marked YoY improvement in equity valuation, reducing dilution per dollar raised.

Increase in Organizations

Morgan Stanley

• Sole/book-running manager for Oct 2025 offering series; recurring role.

Shift observed: Ongoing capital markets support consistent with a pre-commercial company scaling toward launch.

Toyota Motor Corporation

• Strategic investor: $250 million first tranche (May 2025) toward an up to $500 million commitment.

Shift observed: Deepening industrial/financial alignment supporting certification and manufacturing.

ANA Holdings; RAKTA; Skyports; Jetex

• Japan (ANA) demonstrations; UAE expansion (Dubai exclusivity; Ras Al Khaimah partnership) and ground support.

Shift observed: Increased emphasis on international deployment and infrastructure partnerships.

Increase in Products and Technologies

eVTOL air taxi; Superpilot (autonomy); Gas-turbine hybrid VTOL; Hydrogen-electric hybrid; GEACS charging; ElevateOS

• Expanded scope from piloted eVTOL certification to autonomy, hybrid propulsion, charging infrastructure, and ops software.

Shift observed: Broader tech stack and dual-use (commercial/defense) capabilities.

Increase in Locations

United States (CA/OH), Japan (Osaka/Kansai), UAE (Dubai; Ras Al Khaimah), Saudi Arabia

• Frequent mentions tied to manufacturing, demos, infrastructure, and market entries.

Shift observed: Multi-region commercialization path solidifying (U.S., Japan, UAE), with exploratory growth in Saudi Arabia.

2. New vs. Receding Entities

New Entities

Ras Al Khaimah Transport Authority (RAKTA)

• Partnership with Joby and Skyports to launch air taxi service by 2027.

Shift observed: Diversifies UAE footprint beyond Dubai; incremental Middle East market optionality.

White House eVTOL Integration Pilot Program (eIPP)

• U.S. integration program participation; coordination with DOT and FAA.

Shift observed: Potentially accelerates U.S. ops integration; mitigates regulatory and infrastructure risks.

L3Harris Technologies

• Collaboration on autonomous hybrid VTOL for defense; testing starting fall 2025; demos expected 2026.

Shift observed: Expands defense pipeline and dual-use technology validation.

Abdul Latif Jameel

• Exploring KSA opportunities; potential $1.0 billion value for up to 200 aircraft and services.

Shift observed: Early-stage but sizable commercial pipeline in Saudi Arabia.

Uber Technologies, Inc.

• Integration of Blade services into the Uber app; distribution channel expansion.

Shift observed: Enhances near-term demand capture and consumer access.

Receding Entities

Virgin Atlantic; UK Civil Aviation Authority

• UK partnership and regulatory engagement were prominent in early-mid 2025; fewer mentions in recent releases.

Shift observed: UK commercialization appears less near-term than U.S./Japan/UAE.

Delta Air Lines, Inc.

• Historical investor/partner; less frequent recent mentions.

Shift observed: Relationship remains, but immediate commercial efforts emphasize Japan/UAE/U.S.

Korea (K-UAM)

• High visibility in late 2024; reduced prominence in late-2025 documents.

Shift observed: Focus shifting to markets with clearer 2025–2027 launch timelines.

3. Financial and Quantitative Shifts

Increased/Reduced Liquidity and Funding

Equity capital raised

• Oct 2025: $591.0 million gross at $16.85 per share; option fully exercised.
• Oct 2024: $202 million gross at $5.05 per share.

Shift observed: Improved market reception and higher pricing reduce financing risk heading into commercialization.

Strategic investment – Toyota

• $250 million first tranche (May 2025) toward $500 million total commitment.

Shift observed: Reinforces manufacturing/certification funding and strategic alignment.

Cash use guidance

• Expected 2025 use: $500–$540 million.

Shift observed: Oct 2025 raise likely extends runway through key certification and early ops milestones.

M&A and Pipeline Value

Acquisition of Blade’s passenger business

• Announced “up to $125 million” with $35 million holdbacks; closing press release did not specify final consideration.

Shift observed: Ambiguity on final cash/equity mix; integration benefits include existing lounges, landing network, and demand funnel (>50,000 passengers in 2024).

Saudi opportunity

• Potential $1.0 billion value for up to 200 aircraft and services.

Shift observed: Non-binding; sizeable pipeline indicator, not yet reflected in backlog.

Public/Grant Support

GO-Biz grant and equipment cost programs

• $9.8 million grant; $10 million equipment cost reduction.

Shift observed: Incremental cost relief for U.S. manufacturing expansion.

Defense Budget Context

DoD FY26 request

• $9.4 billion requested for autonomous and hybrid aircraft.

Shift observed: Expanding budget pool for Joby’s autonomy/hybrid initiatives.

Operational/Capacity Metrics

Production and facilities

• Planned capacity up to 24 aircraft/year; 435,000 sq ft manufacturing space.

Shift observed: Capacity aligns with initial market launches; capex discipline remains key.

Testing and operations

• 40,000 miles flown; nearly 600 flights in 2025; first piloted eVTOL flight between two public airports; two-aircraft simultaneous testing.

Shift observed: De-risking certification and operations ahead of launch.

4. Product/Technology Development

eVTOL certification and operations readiness

• Progressed through the fourth of five FAA type certification stages; first conforming aircraft headed to final assembly for TIA testing; obtained Part 141 for pilot academy; first piloted inter-airport eVTOL flight; simultaneous aircraft testing; maintenance training with USAF.

Shift observed: Transitioning from certification milestones to operational readiness (pilot training, maintenance, real-airport ops).

Autonomy – Superpilot

• Autonomous flights demonstrated on Cessna Caravan 208; validated in DoD REFORPAC exercise; autonomy lineage from Xwing acquisition.

Shift observed: Positions for dual-use applications and long-term cost/scale advantages.

Hybrid/extended-range VTOL

• Collaboration with L3Harris on gas-turbine hybrid VTOL; prior 561-mile hydrogen-electric hybrid demo (June 2024); tests expected fall 2025, demos in 2026.

Shift observed: Broadens mission set (defense/logistics) and potential unit economics/range.

Infrastructure and charging

• GEACS charging with Jetex; vertiports with Skyports in Dubai and Ras Al Khaimah; public demos at Expo 2025 Osaka with ANA.

Shift observed: End-to-end ecosystem build (aircraft + charging + vertiports) in key launch markets.

Software/distribution

• ElevateOS operations tools; Uber app integration for Blade services; lounges/landing network via the Blade acquisition.

Shift observed: Strengthened consumer access and network utilization ahead of eVTOL launch.

5. Relational Changes Between Entities

Capital Markets (Underwriting)

Joby Aviation, Inc. (JOBY) and Morgan Stanley

• Oct 2025 underwritten offering priced/closed; option fully exercised.

Shift observed: Deepening capital markets access supports commercialization timeline.

Strategic Investment / Manufacturing Alignment

Joby Aviation, Inc. and Toyota Motor Corporation

• $500 million commitment (first $250 million tranche funded); ongoing manufacturing and certification support.

Shift observed: Industrial backing reduces execution risk in scale-up.

Acquisition and Distribution

Joby Aviation, Inc. and Blade Air Mobility, Inc. (BLDE)

• Acquisition of Blade’s passenger business closed (amount at close not disclosed; announced “up to $125 million” with holdbacks).

Shift observed: Immediate access to lounges/landing network and demand funnel; accelerates commercialization.

Consumer Channel Expansion

Joby Aviation, Inc. / Blade and Uber Technologies, Inc.

• Blade air mobility services to be bookable via the Uber app.

Shift observed: Amplifies demand capture and multimodal integration in key metros.

International Launch Partnerships

Joby and Roads and Transport Authority (Dubai); Skyports; Jetex

• Six-year Dubai exclusivity; vertiport build began; Q1’26 targets; GEACS charging; Ras Al Khaimah service with RAKTA and Skyports by 2027.

Shift observed: UAE positioned as an early flagship market with infrastructure and regulatory alignment.

Joby and ANA Holdings

• Japan JV path; public flight demos at Expo 2025 Osaka; >100 aircraft planned.

Shift observed: Japan emerges as another near-term commercial market with national carrier support.

U.S. Regulatory/Integration

Joby, FAA, and White House eIPP

• TIA testing underway; Part 141 flight academy approval; participation in eIPP.

Shift observed: U.S. regulatory momentum and integration planning for early operations.

Defense/Dual-Use

Joby, L3Harris, U.S. Air Force/AFWERX/PACAF

• Hybrid VTOL collaboration; REFORPAC autonomy exercise; maintenance training with USAF; second aircraft delivered to Edwards AFB.

Shift observed: Expanding defense validation and budget exposure for autonomy/hybrid tech.

Market Development (Saudi Arabia)

Joby and Abdul Latif Jameel

• Exploring KSA opportunities (potential $1.0 billion value; up to 200 aircraft and services).

Shift observed: Early-stage but strategic entry point with a strong local partner.