Electric Aircraft Firm Beta Technologies Files for US IPO
Startup Raised $300 Million From General Electric in September Deal
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Beta Technologies Inc., an electric aircraft producer, filed for a U.S. initial public offering, disclosing growing revenue and widening losses.
The South Burlington, Vt.-based company reported a net loss of $183.2 million on revenue of $15.6 million for the six months ended June 30, compared with a net loss of $137.1 million on revenue of $7.6 million in the prior-year period, according to a filing with the Securities and Exchange Commission on Sept 29.
The company manufactures an all-electric aircraft that can take off and land vertically — as well as in a conventional manner — while its charging network boasts over 50 sites, according to its website. Beta also sells a military variation of the aircraft, which is priced between $5 million and $10 million per aircraft.
The company is developing a larger aircraft, though the timeline for obtaining certification for the plane, which could carry as much as 19 passengers, has yet to be determined, the filings show.
The startup raised $300 million from General Electric Co. in a September deal that teamed up the companies with a focus on accelerating the development of hybrid electric aviation. Beta was valued at $4 billion less than a month before the deal was unveiled, according to PitchBook data.
The company’s planned listing comes amid a pickup in technology offerings in recent months after the stock market shook off tariff fears to grind higher. Stocks that debuted in the defense sector have delivered mixed performances, with Karman Holdings Inc. more than tripling from a February listing while Firefly Aerospace Inc. slumped 20% from its August debut.
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The company counts TPG Inc., Amazon.com Inc., General Electric and members of its management team, including its founder and CEO Kyle Clark, among investors with 5% or greater stakes.
Amazon.com Inc. ranks No. 1Ìýon theÌýTransport Topics Top 100 list of the largest logistics companiesÌýin North America, No. 15 on theÌýTT Top 100 list of the largest private carriersÌýand No. 1 on theÌýTT Top 50 global freight list.
Beta’s offering is being led by Morgan Stanley and Goldman Sachs Group Inc. The company plans for its shares to trade on the New York Stock Exchange under the symbol BETA.
