Joby vs Archer

Joby and Archer have taken parallel but distinct paths through FAA type certification. Joby entered the Type Inspection Authorisation stage with the first conforming aircraft airborne in March 2026, placing it at the final regulatory step before commercial operations. Archer became the first eVTOL manufacturer to receive 100 percent FAA acceptance of its Means of Compliance, which is a structural prerequisite for type certification but not the same milestone as TIA entry.

The certification race is, on the public record, marginally favouring Joby. The TIA stage and the operational record of 850-plus piloted flights with 50,000-plus fleet miles in 2025 represent a more advanced regulatory posture than the Means of Compliance acceptance. However, Archer's certification trajectory remains structurally aligned with a 2026 commercial launch window, and the fixed-wing tilt-rotor architecture differs from Joby's design in ways the FAA may evaluate at different paces.

Joby holds the larger absolute liquidity position. With approximately $2.6 billion in cash and short-term investments following the February 2026 capital raise, Joby has the runway to absorb its accelerating certification cost curve. The 2025 net loss of $929.8 million, up from $608 million in 2024, reflects late-stage certification spend and Blade-acquisition integration. Toyota's continued strategic investment provides industrial scaling capability inside the Joby vertical-integration model.

Archer has built a different scaling model. The Stellantis commitment of up to $400 million for manufacturing ramps Archer's production capacity to 650 aircraft annually. The United Airlines purchase agreement of up to $1.5 billion remains the largest committed eVTOL aircraft order from a US airline. The aggregate effect is similar to Joby's industrial backing but distributed across automotive and airline partners rather than concentrated in Toyota.