Joby Aviation Stock (JOBY) Takes Flight Upon Donald Trump’s Executive Order

On Friday, June 6^th, President Trump signed an Executive Order to “unleash American drone dominance,” which included directing the Transportation Department to develop an Electric Vertical Takeoff and Landing (eVTOL) program to accelerate eVTOL operations in the U.S.

Aside from confirming the specter of space-age technology making its way onto American streets, as foreshadowed by content creators for generations, leading electric aircraft manufacturer Joby Aviation (JOBY) stands well-positioned to capitalize fully on the evolving opportunity. The company has been making headlines with major partnership announcements and impressive funding rounds. After analyzing recent developments and financial performance, I am bullish on the space and Joby Aviation’s potential.

Leading the eVTOL Wave

Joby Aviation is playing a leading role in the transformation of the aviation industry through the development of electric vertical takeoff and landing (eVTOL) aircraft. The global eVTOL market was valued at approximately $760 million in 2024 and is projected to grow significantly, reaching an estimated $17.34 billion by 2035.

Beyond aircraft manufacturing, Joby is building a comprehensive ecosystem that includes pilot training initiatives and proprietary dispatch software. This vertically integrated approach may offer substantial competitive advantages if executed effectively.

While the company operates in a competitive landscape with peers such as Archer Aviation (ACHR) and EHang (EH), strategic partnerships—including a manufacturing collaboration with Toyota and operational agreements with Delta Air Lines—enhance its credibility. Additionally, contracts with the U.S. Department of Defense further diversify potential revenue streams and support the broader validation of its technology across both commercial and government sectors.

Recent Wins Are Fueling Investor Excitement

Joby has been on a notable run lately, with shares climbing over 22% in the past month, thanks to several major announcements that have investors excited.

One of the most significant catalysts came in May when Toyota made a substantial $250 million investment in the company, becoming Joby’s largest shareholder in the process. Toyota’s involvement brings decades of production expertise and operational know-how that could prove invaluable as Joby scales from prototype to mass production.

Following that, Joby signed a memorandum of understanding with Saudi Arabia’s Abdul Latif Jameel to explore a potentially massive $1 billion distribution deal. If finalized, this could represent a significant international expansion opportunity, with up to 200 Joby aircraft potentially deployed across Saudi Arabia.

Perhaps most importantly for long-term prospects, Joby has been making steady progress through the complex Federal Aviation Administration certification process. The company recently advanced to the final phase of FAA type certification. It became the first electric vertical takeoff and landing (eVTOL) company to conduct routine pilot-on-board transition flights. This regulatory progress is crucial because it directly impacts when Joby can begin commercial operations and start generating meaningful revenue. The recent White House directive may be enough to help get these birds airborne even sooner.

A Solid Financial Foundation

Joby’s first-quarter net loss narrowed to $82 million from $95 million in the prior year, and the company beat earnings expectations by $0.07 per share. While cash burn continues, the trajectory suggests management is making progress on cost control as the company approaches its commercial launch.

Further, its robust balance sheet is a key selling point. The company ended the first quarter of 2025 with $813 million in cash and short-term investments. The recent Toyota investment, combined with an additional $500 million commitment from the automaker, significantly strengthens this position.

This financial cushion is particularly important given that Joby is still in the pre-revenue phase of its development. The company is projecting a cash burn of $500 million to $540 million in 2025, highlighting the significant capital requirements of introducing an entirely new form of transportation to the market.

The current war chest provides roughly 1.5 years of operational runway at current spending levels. Even better, Joby carries zero debt, giving it tremendous financial flexibility as it works toward commercialization.

Is Joby Aviation a Good Stock to Buy?

The market opportunity, while potentially massive, remains largely theoretical. Consumer acceptance of air taxi services remains unproven, and regulatory frameworks for urban air mobility are still evolving. Yet, analysts following the company remain cautiously optimistic.

Joby Aviation is rated a Moderate Buy overall, based on the most recent recommendations of seven analysts. Their 12-month average price target for JOBY stock is $8.86, representing a 4% downside from current levels over the next 12 months. However, various analysts are likely to shift their positions towards a more bullish stance once the full impact of Donald Trump’s executive order is assimilated by market participants.

See more JOBY analyst ratings

Cantor analyst Andres Sheppard remains optimistic, recently reiterating an Overweight rating for JOBY stock with a $9 price target. He notes the company’s strong liquidity and strategic partnerships with Toyota, Delta Air Lines, and the Department of Defense, which position JOBY as a leading contender in commercializing eVTOL technology.

H.C. Wainwright’s Amit Dayal shares a similar positive outlook, particularly following Toyota’s significant $250 million investment aimed at supporting Joby’s development efforts. Dayal anticipates a pivotal year in 2025 for the eVTOL industry, with milestones expected in certifications and piloted flights. The expectation is for Joby to produce 25–30 eVTOL units by the end of next year, with substantial revenue growth projected, reaching over $1 billion by 2029. Dayal also maintains a Buy rating with a $9 price target.

Countdown to Take Off

Joby Aviation is a compelling investment opportunity in an embryonic industry poised to commercialize urban air transportation. The promise of flying cars, envisioned by countless visionaries over the past 100 years, is now becoming a reality, albeit gradually. JOBY has secured impressive partnerships, maintains a strong balance sheet, and is making meaningful progress toward commercialization.

The company is poised to transition from an ambitious startup to a commercial aviation company. Key milestones to watch include progress on FAA certification, formalization of the Saudi Arabia partnership, and updates on manufacturing scale-up.

The future of flight is here, and I am pretty bullish on the eVTOL space and the current market leaders, such as Joby, who are making it a reality.