Joby Aviation shares traded below $9 as of publication, a sharp drop from the record close of $20.39 the stock reached on Aug. 4, 2025. The electric air-taxi developer is still chasing certification for its first commercial flights even as investors continue to price in a much bigger future.
Joby’s S4 eVTOL is built to carry one pilot and four passengers up to 150 miles on a single charge, with a maximum speed of 200 miles per hour. The aircraft uses single-tilt-rotor propellers that shift between lifting and cruising modes, a design meant to make short-hop urban flights practical.
What keeps the company in focus is not just the aircraft, but who has stayed around it. Toyota has been ramping up its investment to help fund certification and commercialization, Delta Air Lines, Virgin Atlantic and All Nippon Airways are planning to package Joby flights into tickets as premium last-mile airport services, and Uber, one of Joby’s earliest investors, wants to fold the rides into its app once regulators allow commercial flights.
That backing helps explain why the market has been willing to look past the delay. Joby’s stock is valued at 18 times its 2028 sales, with analysts expecting revenue to rise from $53 million in 2025 to $459 million in 2028. The broader eVTOL market could also expand at a 36.8% compound annual growth rate from 2026 to 2034, according to market research cited by analysts.
Still, the gap between ambition and approval is the central strain in the story. Joby has not cleared FAA Type Certification, and some analysts see a decision by the end of this year or early 2027. The company had originally planned to launch its first commercial flights in Dubai by the end of 2025, and it is still officially sticking to that schedule even though the ongoing Middle East conflict could push it back.
Joby went public through a SPAC merger on Aug. 11, 2021, and its share count has risen by more than 60% since then, adding dilution pressure even as the company’s market value has climbed to $8.3 billion. For now, the stock is asking investors to believe that certification, a Dubai launch and airline partnerships will arrive close enough together to justify the valuation. If they do not, the company will have a harder time defending why a business still waiting for first commercial flights should command such a premium.