TLDR
- Goldman Sachs initiated Joby Aviation with a Sell rating on December 5, 2025, citing valuation concerns despite the company’s leading position in eVTOL
- JPMorgan named Joby one of its top short ideas in January 2026, pointing to the stock’s 14x price-to-book multiple compared to competitors
- Cathie Wood’s ARK Invest bought Joby shares in January 2026, betting on the company’s position in urban air mobility
- Joby plans to launch commercial operations in Dubai by late 2026 and scale Ohio manufacturing to four aircraft per month by 2027
- Canaccord Genuity maintained a Hold rating with a $17 price target on January 13, 2026
Joby Aviation finds itself at the center of a Wall Street battle. Two opposing views have emerged on the electric aircraft maker’s future.
Cathie Wood’s ARK Invest recently purchased shares in January 2026. The firm added Joby to its ARK Space Exploration & Innovation ETF. Wood sees the stock as a bet on urban air mobility’s future.
Meanwhile, JPMorgan took the opposite stance. The bank named Joby one of its top short ideas in a new thematic research report. JPMorgan argues the stock trades at an aggressive premium relative to the long path ahead.
The company has logged more than 40,000 eVTOL miles. It stands as one of the early movers in the electric vertical takeoff and landing sector. Partnerships include Toyota, Delta Air Lines, and Uber Technologies.
Goldman Sachs weighed in with concerns of its own. On December 5, 2025, the firm initiated coverage with a Sell rating. Anthony Valentini acknowledged Joby’s leading position but questioned its valuation.
Goldman Sachs pointed to undisclosed aircraft payload details. The firm also noted that manufacturing capacity needs more time to scale. The bank expressed doubts about Joby’s vertically integrated business model, which covers manufacturing, supplying, and operating aircraft.
Valuation Gap Sparks Debate
Joby trades at roughly 14x price-to-book. That’s four times higher than competitor Archer Aviation’s 3.5x multiple. Eve Holding trades at around 8x and EHang Holdings at 7x.
Canaccord Genuity maintained a Hold rating on January 13, 2026. Austin Moeller set a $17 price target. Consensus analyst ratings lean toward Hold or Reduce, with some price targets well below current levels.
The company remains unprofitable with heavy cash burn. Dilution risk continues as operations scale up.
Dubai Launch and Manufacturing Plans
Joby committed to launch commercial operations in Dubai by late 2026. The first vertiport at Dubai International Airport should be ready by the end of the first quarter.
The company is installing advanced CAE flight simulators at its Marina, California facility. This step is required for training commercial eVTOL pilots.
Joby’s Ohio manufacturing facility spans 700,000 square feet. The company currently produces two aircraft per month. It plans to scale to four per month by 2027.
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