Electric aircraft maker BETA Technologies has filed to go public on the New York Stock Exchange (NYSE), as the Vermont-based startup looks to take advantage of soaring equity markets.
BETA is a manufacturer of conventional takeoff and landing (CTOL) and vertical takeoff and landing (VTOL) electric aircraft, including propulsion systems, battery packs and charging infrastructure.
In an IPO filing submitted Monday (September 29), the company disclosed that it has a backlog of 331 CTOL and 560 VTOL aircraft, covering firm orders and options, though none of these aircraft have obtained the required regulatory certifications.
Nonetheless, positioning itself as a vertically integrated player in sustainable aviation, BETA projects a significant market opportunity.
The company has forecasted a total addressable market of approximately 60,000 aircraft through 2035, with a total value of about $250bn. This is based on an average selling price of $4 million per unit, plus ancillary revenue from batteries, charging, maintenance and parts.
If approved, the IPO will ensure significant control of the company for founder and CEO Kyle Clark, thanks to a dual-class share structure: Class B shares (owned by Clark) carry 40 votes per share, while Class A shares carry one vote each.
BETA has already entered into a $300 million investment and co-development partnership with GE Aerospace to develop hybrid-electric turbogenerators for civil markets and defence. It has also completed four successful partnerships with the US Department of Defense (DoD).
However, with no revenue from aircraft yet, the company’s success hinges on obtaining regulatory certifications and scaling its manufacturing capacity fast enough to meet demand.
BETA said it intends to go public “as soon as practicable", following approval from the Securities and Exchange Commission (SEC).