Joby is launching a $300 million public offering ahead of a commercial eVTOL release in 2025

Electric vertical take-off and launch of the lander Gobi Aviation It launched a public offering to sell up to $300 million of its common stock, in accordance with regulations Deposit.

Joby premiered in October initially 200 million dollarsbut a revised prospectus increased the offer by $100 million.

Joby said it will use proceeds from the raise – along with its existing funds – to fund certification and manufacturing efforts, prepare for commercial launch in 2025, and for general working capital.

eVTOL added that it intends to grant the underwriters a 30-day option to purchase an additional $30 million worth of its common stock.

Joby plans to launch air taxis for urban transportation next year in New York City and Los Angeles along with partners Delta Airlines And Uber, as well as in Dubai and Abu Dhabi. The startup has it too A $131 million contract with the Ministry of Defense.

Before Joby can launch, it will need to complete its type certification process to ensure its aircraft design meets the required safety and airworthiness standards.

The public offering at the FAA comes this week Clear the road To share US airspace with helicopters and airplanes, and to establish guidelines for the training and operation of vertical take-off and landing aircraft pilots. It is also followed by A A $500 million injection from Joby’s current investor Toyota earlier this month.

Joby has raised $2.6 billion to date, according to Beachbook data.

A Joby spokesperson told TechCrunch that the company cannot comment on the increase.

This article has been updated to reflect Joby’s current contract amount with the Department of Defense And the total amount that Joby hopes to raise from her offers.