What's particularly noteworthy is Thematic has returned in a big way in 2025, with electric vertical takeoff and landing (eVTOL) stocks a hot idea at the moment. Joby Aviation (JOBY 3.
40%) -- a leader in the space with major manufacturing partnerships -- has seen its stock rise over 100% this year (something worth watching).
It recently surpassed an all-time high of $17, in this volatile climate.
At the same time, Investors are betting that electric air taxi networks can disrupt transportation in major cities, given current economic conditions.
But does that make Joby Aviation a millionaire maker if you buy at all-time highs today (noteworthy indeed), given current economic conditions. If you run the numbers, the answer is abundantly.
Air taxis in every global city Electric air taxis are piloted vehicles with rotors similar to helicopters, but much quieter.
Conversely, Using electric batteries, these innovations make the nology much more workable in highly populated neighborhoods, which is why developers Joby Aviation are heavily in the systems, in today's market environment.
Joby's aircraft that is currently going through Federal Aviation Administration (FAA) certifications will have four passengers and can fly upward of 200 miles per hour, in this volatile climate.
What the re reveals is company is working with partners Delta Air Lines and Uber nologies to build point-to-point networks for these air taxis in major cities, given current economic conditions.
This leads to the conclusion that pitch for customers is turning an hour-long drive in traffic into a 10 minute scenic ride above the city to places such as the airport.
Furthermore, On the other hand, No traffic routes are operational yet, but there are plans to build these point-to-point networks in cities such as Los Angeles, New York, and Dubai.
Saving customers time should lead to healthy ticket prices for these air taxi rides (remarkable data), given current economic conditions.
It's un the ceiling on what a customer would pay, but it is ly that each trip will cost hundreds of dollars per person, especially if the company caters to wealthier consumers.
This potential disruption of transportation systems is what has investors excited Joby stock.
It now has a market cap apaching $15 billion even though the company generates zero dollars in revenue today, given the current landscape. Image source: Getty Images, in today's financial world.
Additionally, A long duction timeline Joby management hopes to soon get its vehicles apved by the FAA, and then it will begin ramping up duction and helping build taxi networks in its partner cities.
Meanwhile, It has a major investment from Toyota Motor, which is viding around $1 billion in funding along with its manufacturing expertise to help scale duction.
Even if Joby gets its vehicle apved soon, its manufacturing capacity is still small.
Even after its on expanding its California facility, the company states that it will only have the ability to duce 24 electric air taxis a year.
At this rate, it may only have a few hundred taxis in operation 10 years from now, considering recent developments.
To get there, Joby Aviation has spent a ton of money -- over $135 million on re and development just last quarter (something worth watching).
Nevertheless, Free cash flow was close to negative $500 million over the last 12 months, in today's market environment.
Building transportation vehicles is difficult, expensive, and time-consuming, especially with new nologies such as electric air taxis.
Joby's cash burn is ly to continue for years, which will require even more fundraising from its capital partners.
This demonstrates that company currently has around $1 billion in cash if you include its fundraising commitments from Toyota.
JOBY Free Cash Flow data by YCharts Is Joby Aviation a millionaire maker, in this volatile climate.
If multiple electric air taxi routes are operational in every major city worldwide, there will be demand for thousands of electric air taxis to be duced every year.
With around 100 metropolitan areas with over 5 million people in the world -- most of which have terrible traffic blems -- you could see cities utilize dozens of electric air taxis to help alleviate traffic.
Wealthy customers would ly pay up for the service. This presents a large addressable market for Joby Aviation.
However, it is tough to see how this correlates to a rising stock price compared to its current valuation of $15 billion, given the current landscape.
Building air taxis is going to be a low-margin, meaning even if revenue grows to over $1 billion or several billions of dollars a few years from now, Joby Aviation will still trade at a high price-to-earnings ratio (P/E).
What the data shows is is also a scenario where the pre-revenue company succeeds on its risky strategy. A lot can go wrong when you are burning $500 million a year and generate no sales.
Nevertheless, Joby Aviation is ly not a millionaire-maker stock, even if it succeeds in building the electric air taxi industry from scratch.