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An electric aviation company out of Vermont is shaking things up by building zero-emission aircraft and charging systems designed to make short-haul flights cleaner and quieter.
They’ve been at it since 2017, so they’re not a “new-fangled” operation.
Currently, they’re focusing on cargo and medical transport - cutting out the noise and emissions of traditional prop planes… powered by batteries instead of traditional fuel.
Longer term? We may see electric airplanes at every airport across the country, eventually replacing the jet-fuel powered planes we see now. But that’s the long term.
We have to start somewhere…
After years of prototypes and partnerships, this company is taking the leap with an IPO this upcoming week.
The story really “takes off” with their S-1 filing, which dropped to the SEC back in late September.
It was confidential at first, then went public, laying out the numbers in stark detail. Revenue shot from $50 million in 2023 to over $250 million this year, fueled by $1.5 billion in contracts mostly from defense and logistics giants.
But it’s not all smooth flying ahead. They posted $300 million in losses last year, pouring cash into scaling production and FAA certifications.
However, it’s not all as bad as it seems.
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The filing’s refreshingly straightforward about the hurdles the company faces: supply chain squeezes, regulatory red tape, and the sheer grind of ramping up for commercial ops.
Still, it spotlights a $4 billion order backlog, which has folks in the industry nodding in approval, perhaps squirming with jealousy.
Pulling it all together are the underwriters: a powerhouse lineup that’s got Wall Street whispering.
Morgan Stanley and Goldman Sachs are spearheading, with BofA Securities, Jefferies, and Citigroup in the mix as a well as a few more.
These are the same crews that steered Uber’s blockbuster debut and Snowflake’s record pop.
Morgan Stanley’s been deep in sustainable tech deals, while Goldman are the wizards at threading the needle on high-growth bets like this.
It seems they’ve been grinding on the prospectus for months, balancing the moonshot potential against the risks to appeal to everyone from growth hounds to value seeking players.
This is what good underwriters do.
The Terms:
They’re offering 25 million shares priced between $27 and $33 each, targeting $750 million in proceeds. I expect this to hit the high end, but don’t be surprised if they change the offering because of significant demand.
That’s before the 30-day overallotment option, where the underwriters could grab another 3.75 million shares if demand spikes-which, given the buzz, seems likely.
At the top end, it adds up to a $7.2 billion valuation, putting them in league with the eVTOL frontrunners.
Now, this filing stands out because most aviation startups are still sketching blueprints, but this one’s already delivering units and logging flight hours.
The underwriters had to sell that momentum hard - highlighting the defense deals and urban air mobility pipeline-while flagging the burn rate and competition from the usual suspects.
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Everyone is always looking for the next big disruptor.
It’s a bet on a shift that’s overdue. Aviation’s been slow to go electric, but with climate regs as possibilities state to state and logistics firms hunting efficiencies, the timing feels right.
They’ve sunk funds into a huge factory push in upstate New York to crank out more units, and the filing’s clear: every dollar’s going there, not dividends or “other corporate purposes” as we see more often than not.
The underwriters aren’t just facilitators; they’re endorsing a vision where regional flights run silent and emission-free, slashing costs for operators in the process.
Of course, markets being markets, nothing’s guaranteed. But if the street’s chatter is any guide, investors are lining up.
This IPO could mark a turning point for idea that electric skies are sci-fi. Not anymore. The Jetson’s might be coming to an airport near you.
Premium members, please keep an eye out. I’ll be sending more details (and buy price reccos) shortly.
If you’re not a premium member yet, you can subscribe HERE. It’s only $9 a month.
Here’s to highfliers!
Tim
