Electric vertical takeoff and landing vehicle startup Joby Aviation has launched a public offering to sell up to $300 million of its shares of common stock, per a regulatory filing.
Joby in October initially offered $200 million, but an amendment to the prospectus has increased the offering by $100 million.
Joby said it will use the proceeds from the raise — together with its existing cash — to fund its certification and manufacturing efforts, prepare for commercial launch in 2025, and for general working capital.
The eVTOL firm added that it intends to grant the underwriters a 30-day option to purchase an additional $30 million worth of shares of its common stock.
Joby plans to launch air taxis for urban transportation next year in New York City and Los Angeles alongside partners Delta Air Lines and Uber, as well as in Dubai and Abu Dhabi. The startup also has a $131 million contract with the Department of Defense.
Before Joby can launch, it will need to complete its type certification process to ensure the design of its aircraft meets required safety and airworthiness standards.
The public offering comes as the Federal Aviation Administration this week cleared the way for eVTOLs to share U.S. airspace with helicopters and airplanes, and set up guidelines for eVTOL pilot training and operating rules. It also follows a $500 million injection from Joby’s existing investor Toyota earlier this month.
Joby has raised $2.6 billion to date, according to PitchBook data.
A spokesperson from Joby told TechCrunch the company could not comment on the raise.
This article has been updated to reflect Joby’s current contract amount with the DoD and the total amount Joby hopes to raise from its offering.