Joby Aviation Prices Upsized Offerings of Common Stock and Convertible Notes

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Joby Aviation, Inc. (NYSE: JOBY), a company developing electric air taxis for commercial passenger service, announced the pricing of its concurrent public offerings of $600.0 million aggregate principal amount of 0.75% convertible senior notes due 2032 and 52,863,437 shares of its common stock at a public offering price of $11.35 per share. The aggregate offering size was increased from the previously announced $1.0 billion.

Why it matters

The capital raised will help fund Joby's certification and manufacturing efforts as it prepares for commercial operations of its electric air taxi service. The convertible note offering also includes capped call transactions that are expected to reduce potential dilution to Joby's common stock upon conversion of the notes.

The details

Joby estimates the net proceeds from the common stock offering will be approximately $576.0 million, and the net proceeds from the note offering will be approximately $582.9 million. Joby plans to use the funds to support its certification, manufacturing, and commercial launch plans, as well as for general corporate purposes. The note offering includes an option for the underwriters to purchase up to an additional $90.0 million in notes, and the common stock offering includes an option for the underwriters to purchase up to an additional 7,929,515 shares.

• The note offering, common stock offering, and related delta offering are scheduled to settle on February 2, 2026.
• The notes will mature on February 15, 2032, unless earlier repurchased, redeemed or converted.

What’s next

Joby has granted the underwriters of the note offering a 30-day option to purchase up to an additional $90.0 million aggregate principal amount of notes, and the underwriters of the common stock offering a 30-day option to purchase up to an additional 7,929,515 shares of common stock.