Electric aircraft developer Beta โTechnologies filed for an โinitial public offering (IPO) on Wednesday, seeking to capitalize on growing investor interest in the emerging electric aviation sector.The Southโฃ Burlington, Vermont-based company, backed by Amazon andโ Fidelity, aimsโ to list on the Newโ York Stock Exchange under the ticker symbol “BETA,” according toโข aโค filing with the Securities and Exchange Commission.
Beta Technologies’ move comes as the IPOโค market begins to thaw after a prolonged slump, and as demand for sustainable transportation solutionsโ intensifies. The company is at theโ forefront of developing electric vertical takeoff and landing (eVTOL) aircraft, targeting โboth cargo โขand passenger transport. โฃA accomplished IPO would provide โคBeta with crucial capital to accelerate production, โexpandโ its charging infrastructure, and navigate the โcomplex regulatory landscape for electric air travel โฃ- a market projected to โreach $30 billion by 2030, according toโข industry estimates.
Founded โฃin 2017 by Kyle โClark,beta โhas developed the Alia-250,a piloted eVTOL aircraft designed toโ carry five passengers and travel up to 250 miles. Theโค company has secured orders and letters ofโ intent โขfrom major players including United โฃParcel Service (UPS) and theโ U.S. Air Force. Beta isโ also โbuilding aโค nationwide network โขof charging stations toโข support its aircraft, with over 80 locations planned.
The company reported a net loss โof $40.6 million on revenue of $3.5 million for the year endedโ December โ31, 2023, according โto the filing. Beta intends to use the proceeds from theโฃ IPO to fund continuedโ research andโฃ advancement, expand its manufacturing capabilities, and support its commercialization โฃefforts.The amount ofโข capital Beta hopes to raise has not yet been disclosed.