After trading as high as $21 in August, the stock lost half its value, but Friday’s move pushed it back above $10. At current levels, JOBY appears too cheap to ignore for investors willing to accept the risks of this groundbreaking electric vertical take-off and landing (eVTOL) project.
Pioneering the urban air mobility market
Joby Aviation and rival Sagittarius Aviation (ACHR) is leading the way in creating the urban air mobility sector in the US. Both companies are developing eVTOL aircraft designed to reduce traffic congestion by enabling short air journeys in major cities. They navigate complex FAA certification processes under the powered-lift category, a new regulatory framework for these new aircraft.
Joby has advanced further in the FAA’s five-phase type certification process, completing key milestones including testing compliant aircraft at start-up and entering later compliance phases. Archer is also making progress but lagging behind somewhat, focusing on its Midnight eVTOL. Together, the pair build infrastructure, forge industry partnerships and prove the technology through test flights.
Their efforts lay the foundation for a new transportation mode that could change the way people move in dense urban environments. However, full commercial operations in the US remain further away, subject to final FAA approval and vertiport development.
The launch in Dubai marks a crucial milestone
As U.S. progress continues, Joby appears poised for the world’s first major commercial eVTOL passenger service in Dubai, potentially launching later in 2026. The project with Dubai’s Roads and Transport Authority is approximately 80% complete, with Joby having exclusive rights to operate air taxi services for six years. This includes the first vertiport at Dubai International Airport, expected to be completed in the first quarter, plus additional locations at landmarks such as Dubai Mall and Atlantis the Royal.
Joby has already completed historic point-to-point flights in the UAE and continues testing. This international debut provides a high-profile proving ground to demonstrate safety, reliability and customer demand in a global travel hub before wider rollout.
So far, Joby has not generated significant revenue, instead burning cash to develop aircraft, expand production (with plans to double U.S. capacity), secure certifications and build vertiports. Recent capital increases have strengthened the balance sheet to finance this transition. The launch in Dubai represents a crucial new phase: the shift to monetization as operations commence and scale.
In short
Joby Aviation remains a highly speculative investment, so aggressive buying is not recommended. The company still needs to prove strong demand for eVTOL services, achieve consistent profitability (which is unlikely in the early years), and navigate execution risks around ramping up production and regulatory hurdles. Safety, public acceptance and infrastructure scaling will be crucial tests.
But this is the moment Joby has been working towards for years. A successful commercial launch in Dubai could validate the entire eVTOL thesis and serve as a springboard for US and other international markets. The stock is trading near prices last seen around July and appears to offer huge upside potential if Joby makes his return and the air taxi market materializes as hoped, creating a strong growth story.
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