Joby Aviation Finalizes $1.16 Billion Capital Raise via Stock and Convertible Notes Offerings

summarizeSummary

Joby Aviation finalized its concurrent public offerings, raising approximately $1.16 billion through common stock and convertible senior notes to fund certification, manufacturing, and commercial operations, despite significant dilution and pricing at a discount to the prior day's close.

check_boxKey Events

• Finalizes Capital Raise Terms

  This 424B5 prospectus supplement finalizes the terms and pricing for the concurrent public offerings of common stock and convertible senior notes, which were initially announced on January 28, 2026, and priced on January 29, 2026.

• Primary Common Stock Offering

  The company is offering 52,863,437 shares of common stock at $11.35 per share, generating approximately $600 million in gross proceeds. This offering includes an over-allotment option for an additional 7,929,515 shares.

• Concurrent Convertible Senior Notes Offering

  Joby Aviation is also offering $600 million in 0.75% convertible senior notes due 2032, with an initial conversion price of approximately $14.19 per share. This offering includes an over-allotment option for an additional $90 million principal amount.

• Significant Dilution and Discounted Pricing

  The common stock offering was priced at $11.35 per share, a discount to the $13.37 closing price on January 28, 2026. New investors will experience an immediate dilution of $9.40 per share, and the offerings will substantially increase the number of outstanding shares.

auto_awesomeAnalysis

Joby Aviation has finalized the terms for its concurrent public offerings, raising approximately $1.16 billion in gross proceeds through a primary common stock offering and a convertible senior notes offering. This capital infusion is critical for funding the company's certification and manufacturing efforts, preparing for commercial operations, and general working capital. While the substantial capital raise provides a longer runway for the development-stage company, the common stock offering was priced at $11.35 per share, representing a notable discount to the $13.37 closing price on January 28, 2026, and will result in significant dilution for existing shareholders. The convertible notes also introduce potential future dilution upon conversion.