JOBY Plunges Nearly 11% After The Bell: What's Dragging The Stock?

Joby Aviation is staring at another day in the red as it looks to raise $1 billion through a proposed offering.

• Joby Aviation’s shares jumped more than 62% in 2025 on the back of the plans to double its U.S. manufacturing capacity and participate in the White House’s eVTOL Integration Pilot Program.
• The company said that the aggregate proceeds from the offerings are anticipated to be $1 billion.
• Joby said it intends to use the proceeds to fund its certification and manufacturing efforts and prepare for commercial operations.

Joby Aviation’s stock tumbled nearly 11% after the bell, with retail chatter on the company picking up steam on Stocktwits after it announced proposed offerings of common stock and convertible senior notes in the late hours of Wednesday.

Shares of Joby closed down nearly 1% on Wednesday and are headed for a second straight day of declines and the worst day since October 2024 if the steep losses hold into Thursday’s market trading.

Joby Aviation’s shares jumped more than 62% in 2025 on the back of the plans to double its U.S. manufacturing capacity and participate in the White House’s Electric Vertical Takeoff and Landing (eVTOL) Integration Pilot Program. The momentum had carried a bit into 2026 during the initial few days of January, but has now tapered off, with the stock up only a little over 1% so far this year.

JOBY’s Fund Raise

On Wednesday, Joby said it plans to raise about $1 billion by selling convertible notes due in 2032 and issuing new shares. The company said some of the money will be used to pay for a capped call, a financial hedge that helps reduce share dilution if the notes are converted. The rest, along with Joby’s existing cash, will be used to fund aircraft certification, manufacturing, and preparation for commercial operations. A portion will also go toward day-to-day expenses. As of Sept. 30, 2025, Joby already had $978 million in cash and investments.

Earlier this month, the company announced that it will acquire a manufacturing facility spanning more than 700,000 square feet in the Dayton, Ohio, area. In January, Joby also said that it had accepted the first of two flight simulators developed in partnership with CAE.

The simulators are scheduled to be qualified amongst the highest Federal Aviation Administration classifications for flight simulation and are expected to provide the environment required for commercial single-pilot eVTOL operations.

How Are Stocktwits Users Reacting?

Retail sentiment on Joby Aviation improved to ‘bullish’ from ‘bearish’ a day ago, with message volumes at ‘high’ levels, according to data from Stocktwits.

Archer Aviation, which has also said it intends to participate in the White House program, saw sentiment in the ‘neutral’ territory from ‘bullish a week ago, with message volumes at ‘high’ levels.

A user on Stocktwits said that both Joby and Archer Aviation were not at the point of “raising capital because they have nothing to raise.”

A bullish user, on the other hand, noted that they were “buying the dip” in Joby,

Shares of Joby Aviation have gained nearly 62.5% in the last 12 months, while Archer Aviation has declined about 17% in the same period.

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