Joby to buy helicopter ride-share company Blade for $125 million

Joby Aviation Inc said it plans to buy helicopter ride-share operator Blade Air Mobility Inc for as much as $125 million in stock or cash as the electric aviation pioneer seeks to expand its battery-powered air taxis into a ready-made market for its aircraft.

The acquisition encompasses all of Blade’s passenger business, including operations in the US and Europe, as well as the Blade brand, Joby said in a statement, confirming an earlier report by Bloomberg. The transaction is expected to close in coming weeks, it said.

Blade sells per-seat helicopter trips from New York City to nearby airports and resort towns.

The company, which went public through a merger with a special purpose acquisition company in 2021, hasn’t reported an annual a profit since it listed. The company’s shares have fallen 10% this year, giving it a market value of $309 million.

Backed by Toyota Motor Corp., Joby expects to have five aircraft in one of the final phases of certification next year as it aims to start commercial flights in early 2026.

The $13.6-billion company announced plans last month to double production capacity at its plant in Marina, California, to manufacture up to 24 aircraft a year. 

According to Joby, Blade flew more than 50,000 passengers in 2024 from a network of 12 urban terminals.

Joby, which plans to carry its first passengers in Dubai next year, said the purchase will allow it to speed its commercial efforts by using Blade’s existing infrastructure and customer base.