Joby Aviation Finalizes $1.16 Billion Capital Raise via Stock and Convertible Notes Offerings
JOBY has more than doubled off its 52-week low of $4.96 on elevated volume (6.1× avg).
Summary
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.
Key Events · Financing and Capital Events · JOBY
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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.
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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.
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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.
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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.
Analysis · JOBY · Manufacturing
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.
At the time of this filing, JOBY was trading at $11.18 on NYSE in the Manufacturing sector, with a market capitalization of approximately $10.2B. The 52-week trading range was $4.96 to $20.95. This filing was assessed with neutral market sentiment and an importance score of 8 out of 10.