Joby Aviation, a pioneer in electric vertical takeoff and landing (eVTOL) vehicles, has launched a public offering to sell up to $300 million of its common stock, according to a regulatory filing. This move marks a significant step forward for the startup as it prepares for commercial launch in 2025.

The initial offering of $200 million was amended to increase the raise by $100 million, demonstrating the company's confidence in its growth prospects. Joby plans to utilize the proceeds from the raise, combined with its existing cash reserves, to fund its certification and manufacturing efforts, as well as prepare for its commercial launch.

The eVTOL firm has also granted the underwriters a 30-day option to purchase an additional $30 million worth of shares of its common stock. This move is expected to provide further flexibility and support for the company's ambitious plans.

Joby Aviation is poised to launch its air taxi service in New York City and Los Angeles, in partnership with Delta Air Lines and Uber, as well as in Dubai and Abu Dhabi. The startup has also secured a $131 million contract with the Department of Defense, underscoring the potential of its technology.

Before commencing commercial operations, Joby must complete its type certification process to ensure the design of its aircraft meets required safety and airworthiness standards. This process is critical to gaining regulatory approval and building public trust in the emerging eVTOL industry.

The public offering comes on the heels of a significant milestone for the eVTOL industry, as the Federal Aviation Administration (FAA) cleared the way for eVTOLs to share U.S. airspace with helicopters and airplanes, and established guidelines for eVTOL pilot training and operating rules.

Furthermore, Joby received a $500 million injection from its existing investor, Toyota, earlier this month. To date, the startup has raised a total of $2.6 billion, according to PitchBook data, demonstrating the confidence of investors in its vision and technology.

A spokesperson from Joby Aviation declined to comment on the raise, but the move is widely seen as a significant step forward for the company and the eVTOL industry as a whole.

The successful completion of this public offering will provide Joby Aviation with the necessary resources to drive its growth and development, paving the way for the commercial launch of its air taxi service in 2025. As the eVTOL industry continues to evolve, Joby's progress will be closely watched by investors, regulators, and the public alike.