Electric aircraft developer Beta Technologies filed for an initial public offering (IPO) on Wednesday, seeking to capitalize on growing investor interest in the emerging electric aviation sector.The South Burlington, Vermont-based company, backed by Amazon and Fidelity, aims to list on the New York Stock Exchange under the ticker symbol “BETA,” according to a filing with the Securities and Exchange Commission.
Beta Technologies’ move comes as the IPO market begins to thaw after a prolonged slump, and as demand for sustainable transportation solutions intensifies. The company is at the forefront of developing electric vertical takeoff and landing (eVTOL) aircraft, targeting both cargo and passenger transport. A accomplished IPO would provide Beta with crucial capital to accelerate production, expand its charging infrastructure, and navigate the complex regulatory landscape for electric air travel - a market projected to reach $30 billion by 2030, according to industry estimates.
Founded in 2017 by Kyle Clark,beta has developed the Alia-250,a piloted eVTOL aircraft designed to carry five passengers and travel up to 250 miles. The company has secured orders and letters of intent from major players including United Parcel Service (UPS) and the U.S. Air Force. Beta is also building a nationwide network of charging stations to support its aircraft, with over 80 locations planned.
The company reported a net loss of $40.6 million on revenue of $3.5 million for the year ended December 31, 2023, according to the filing. Beta intends to use the proceeds from the IPO to fund continued research and advancement, expand its manufacturing capabilities, and support its commercialization efforts.The amount of capital Beta hopes to raise has not yet been disclosed.