Joby Aviation Inc. (NYSE: JOBY) priced an upsized public offering that raised more than $1.18 billion, comprising $600 million in 0.75% convertible senior notes due 2032 and 52,863,437 shares of common stock priced at $11.35 per share. The notes are expected to net approximately $582.9 million, while the equity portion is projected to bring in about $576.0 million.
Proceeds will be directed toward advancing the company’s FAA certification program, expanding U.S. manufacturing capacity, and preparing for the launch of commercial air‑taxi operations in 2026. A $55 million allocation is earmarked to cover the cost of capped call transactions that protect existing shareholders from dilution.
Joby entered the offering with a strong liquidity base, reporting $978 million in cash and equivalents as of September 30 2025 and a current ratio of 13.61. The company’s 2024 financials showed a net loss of $608 million on revenue of $136 000, a sharp decline from the $1.03 million revenue and $? loss in 2023, underscoring the need for additional capital to sustain growth and reach commercial operations.
The announcement triggered a negative market reaction, with investors expressing concern over the dilution impact of the new shares and convertible notes.
While the capital raise will dilute existing shareholders, the capped call mechanism and the company’s robust cash position mitigate immediate shareholder risk. The infusion is expected to accelerate FAA certification, double U.S. manufacturing output to four aircraft per month by 2027, and position Joby for a 2026 commercial launch.
CEO JoeBen Bevirt emphasized confidence in scaling production and described the upcoming period as the “next golden age of aviation.” Toyota Motor Corporation, Joby’s largest shareholder, continues to support the expansion with manufacturing expertise and cost‑control experience, reinforcing the company’s path toward commercial viability.
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