Summary

Joby Aviation (NYSE: JOBY) is the leading eVTOL air taxi developer in the United States, founded in 2009 by JoeBen Bevirt in Santa Cruz, California. The company’s S4 aircraft — a five-seat, six-tilt-rotor design — is the furthest advanced eVTOL platform in the FAA type certification process, reaching Stage 4 in November 2025. With $894M invested by Toyota, a DoD AGILITY Prime contract worth up to $163M, an exclusive US/UK airline partnership with Delta Air Lines, and a Part 135 air carrier certificate already in hand, Joby is targeting commercial launch in 2026.

Key Facts

  • Founded: 2009
  • HQ: Santa Cruz, CA (manufacturing: Marina, CA)
  • Type: Public (NYSE: JOBY)
  • Key backers: Toyota ($894M total as of mid-2025); Intel Capital, Uber (sold eVTOL division to Joby, 2020); Delta Air Lines
  • Key products: Joby S4 (five-seat eVTOL air taxi)
  • Aircraft specs (claimed): 200 mph top speed; 150-mile range (unloaded); 5 seats (pilot + 4 passengers); six tilt-rotors; electric; ~100 dB quieter than helicopter
  • Revenue / valuation: Pre-revenue (certification stage); market cap fluctuates (~$3–5B range 2025); ~$991M cash and short-term investments as of Q2 2025
  • DoD contract: Up to $163M total AGILITY Prime contract value (largest in eVTOL industry)

What It Is / How It Works

The Joby S4 is a six-motor tilt-rotor aircraft that takes off vertically, then transitions to horizontal cruise flight at speeds up to 200 mph. The six tilting propeller pods are distributed across the airframe; during cruise, the rotors tilt forward and several may feather (stop spinning) to reduce drag, while the aircraft’s wing generates lift. This hybrid approach allows both VTOL convenience and aircraft-like range and speed efficiency. The aircraft is fully electric and targets noise levels roughly 100 dB below a conventional helicopter — a critical operational requirement for urban air taxi service where proximity to residential areas is unavoidable.

The company acquired Uber Elevate in December 2020, gaining Uber’s eVTOL IP, partnerships, and a cash injection that helped bridge to public listing. Joby went public via SPAC in August 2021.

FAA type certification for eVTOL aircraft requires a novel path: the FAA uses a “G-1 Issue Paper” basis that maps conventional 14 CFR Part 23/25 certification standards to novel electric aircraft designs. Joby received its Part 135 Air Carrier Certificate in May 2022 — allowing on-demand commercial air taxi operations — and has used this to conduct test operations. The company reached Stage 4 (final conforming aircraft testing) of the five-stage FAA type certificate process in November 2025, with Type Certificate issuance expected in late 2025 or early 2026. Separately, Joby has been pursuing UAE and Japan regulatory approvals, and conducted demonstration flights in both countries in 2024.

Toyota’s partnership is both financial and operational: Toyota’s manufacturing engineers are embedded with Joby to support production scale-up, and the $500M most recent commitment (closed in tranches in 2025) brings Toyota's total investment to $894M. Delta Air Lines holds an exclusive five-year commercial partnership to operate Joby aircraft across US and UK markets, with Delta as the Part 121 airline partner.

Competitively, Joby is the farthest advanced of the US eVTOL developers. Archer Aviation is its nearest peer in FAA certification progress. Lilium (German) went bankrupt in 2024. Wisk Aero (Boeing/Google) is pursuing an autonomous (pilotless) path. Joby’s aircraft has more demonstrated flight hours than any competitor.

Notable Developments

  • 2025-11: Joby reaches Stage 4 of FAA type certification — the final conforming aircraft test stage. (CompositesWorld)
  • 2025-11: First FAA-conforming prototype powered up for testing. (AIN Online)
  • 2025-Q2: Toyota closes first $250M tranche of $500M commitment; total Toyota investment reaches $894M.
  • 2025: Two aircraft to be delivered to MacDill Air Force Base for DoD AGILITY Prime operational testing (personnel transport, casualty evacuation). (AIN Online)
  • 2024: Demonstration flights in Dubai and Japan as part of international regulatory groundwork.
  • 2023-04: $55M AGILITY Prime contract extension from US Air Force. (AIN Online)
  • 2022-05: Receives FAA Part 135 Air Carrier Certificate. (Joby IR)
  • 2021-08: IPO on NYSE (SPAC merger with Reinvent Technology Partners).
  • 2020-12: Acquires Uber Elevate eVTOL division.
  • 2009: Founded by JoeBen Bevirt.

Key People

JoeBen Bevirt — Founder and CEO

  • LinkedIn: linkedin.com/in/joeben-bevirt-639451
  • Education: UC Davis (BS Mechanical Engineering); Stanford University (MS Mechanical Engineering)
  • Career (reverse-chronological):
    • Joby Aviation (2009–present): Founder and CEO
    • Joby Inc. (2005–present, concurrent): Founder (consumer products including Gorillapod tripod)
    • Velocity11 (1999–2007): Co-founder; company sold to Agilent Technologies 2007
  • Notes: 160+ US patents. 2018 Haueter Award. Raised in Santa Cruz County; raised in Last Chance community. Became first eVTOL billionaire on IPO day (Aug 2021). WEF speaker.

People — Last Reviewed: 2026-03-31

Supply Chain Position

Joby operates as a Platform OEM building complete air taxi aircraft. The company manufactures in Marina, California. It sources electric motors, power electronics, and battery cells from external suppliers (specific battery supplier not publicly confirmed). Toyota’s involvement includes manufacturing process engineering support. The aircraft’s six tilt-rotor motors are custom-designed; the specific motor supplier is not publicly disclosed. ⚑ Rare earth dependency: Permanent magnet motors for tilt-rotor propulsion depend on NdFeB magnets, with the rare earth supply chain concentrated in China.

Claim Verification

Claim: Joby S4 achieves 200 mph top speed and 150-mile range

Status: Partially verified

Supporting sources:

  • Joby Aviation website — Company specifications: 200 mph cruise speed, 150-mile range, five seats
  • Flying Magazine (2025) — Reports Joby has accumulated 1,000+ test flights; aircraft demonstrated high-speed performance in flight test program
  • CompositesWorld (2025) — Stage 4 certification implies FAA-conforming aircraft performing to specification

Refuting / questioning sources:

  • FAA type certificate has not yet been issued (as of early 2026) — specifications are not yet FAA-certified performance data
  • 150-mile range figure is understood to be unloaded; real passenger-carrying range with pilot + 4 passengers will be lower and has not been published
  • No peer-reviewed independent verification of range and speed figures under passenger load conditions found in public sources

Summary: Speed and range figures are consistent with flight test reporting and Joby’s certification progress, but have not been independently verified under full passenger load; FAA type certificate issuance will establish formally tested performance.

Sources