FutureFlight
Joby Goes Public in $1.6 Billion SPAC Flotation with Reinvent
The California-based eVTOL aircraft start-up estimates a post-money equity valuation of $6.6 billion.
Joby Aviation S4 prototype
Joby Aviation says it is already planning to produce at least 10,000 examples of its all-electric eVTOL aircraft. (Photo: Joby Aviation)

Joby Aviation aims to raise $1.6 billion in fresh capital through a listing on the New York Stock Exchange. The company is the latest eVTOL aircraft start-up to go public via a merger with a special purpose acquisition company, in a deal announced today with Reinvent Technology Partners that it says will result in a post-money equity valuation of $6.6 billion.

According to Joby, the anticipated gross proceeds include $835 million in a fully committed private investment in public equity (PIPE) funding supported by strategic partners and institutional investors that include Uber Technologies, the Baupost Group, and funds managed by BlackRock, Fidelity Management & Research and Baillie Gifford.