Amazon-backed eVTOL company Beta Technologies debuts at $34 on NYSE

Core Insights - Beta Technologies, an electric aircraft company, successfully debuted on the New York Stock Exchange at $34 per share, raising over $1 billion through the sale of 29.9 million shares, exceeding its expected IPO range of $27 to $33 [1][2] - The IPO represents a significant milestone for the electric vertical takeoff and landing (eVTOL) industry, which is currently competitive and seeking FAA approval [2] - Despite a substantial net loss of $183.2 million in the first half of the year, Beta's revenue more than doubled to $15.6 million compared to $7.6 million in the previous year [3] Company Operations - Beta's CEO, Kyle Clark, indicated that the company is currently engaged in military missions and anticipates achieving full FAA certification for commercial operations within approximately 30 months [4] - The company has established a small business segment providing ground support equipment, primarily chargers, with installations in 51 U.S. locations [3] - Major investors include Amazon and General Electric, holding stakes of 10.2% and 6.3% respectively, with GE Aerospace committing $300 million to Beta [5] Market Context - The IPO occurs amid a prolonged government shutdown, which has limited the operations of the Securities and Exchange Commission [4] - The eVTOL market is led by competitors such as Joby Aviation and Archer Aviation, with advocates claiming that the technology can alleviate air traffic congestion [2]