In a sign of investor skepticism as the Securities and Exchange Commission takes a closer look at SPACs, Atlas Crest and Archer last month announced a “ strategic reset” for their deal that reduced the pro forma valuation of the resulting company by 38% to $1.7 billion. Joby isn’t the only air taxi developer to make big projections to SPAC investors about its future financial performance: California’s Archer Aviation, which struck a deal in February to merge with Atlas Crest Investment Corp., has predicted $12 billion in revenue in 2030.
The ride-sharing companies Uber and Lyft have yet to turn a profit. The financial projections have been lofty as well: Joby and RTP told investors it will start earning a profit by 2026 on $2 billion in revenue, and 10 years from now, it will be generating $20 billion in revenue with 14,000 aircraft flying in 20 cities.īy comparison, it took Tesla, a company Joby and its investors compare it to, 10 years from its IPO till it recorded a full-year profit - and it had a product on the road when it went public. At broad adoption, he sketches out a vision of significantly reducing greenhouse gas emissions while allowing much of the streetscape to be converted to restaurants and parkland. Bevirt has ambitious goals to match the envisioned market cap: With an aircraft that he says will be capable of carrying four passengers and a pilot 150 miles on a single charge, Bevirt aims to develop air taxi networks that will enable urbanites worldwide to soar over traffic-snarled streets at a price to passengers of $3 per mile, cheaper than an Uber Black ride.
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