Has Joby Aviation Won the Air Taxi Race?

Can we declare a winner in the air taxi race yet? In a competition led by innovators Archer Aviation (NYSE: ACHR) and Joby Aviation (NYSE: JOBY), there isn't a clear champion yet, but Joby appears to have the lead. It pulled ahead of Archer in reaching the final stage of Federal Aviation Administration (FAA) certification, but both companies still have plans to begin U.S. operations under a federal pilot program this year.

Shares of Joby have plummeted nearly 50% over the past year. The company has made progress in increasing revenue while it continues to pursue a viable commercial air taxi business. Of the company's nearly $39 million in revenue in the second quarter of 2026, roughly $36 million came entirely from its subsidiary, Blade. Joby also recently announced it'll acquire the defense-tech firm Resonant Sciences in a move that'll substantially boost revenue.

The company has an enviable cash position of approximately $2.3 billion. That's an important runway for a business with high cash burn and a core product that hasn't officially launched.

Full certification from the FAA will give Joby the biggest lift and reduce the execution risk for investors. From there, it'll still be years before commercial air taxis hit the mainstream, but if anyone is going to do it, there's a solid chance it's going to be Joby Aviation. With its partnership with Uber Technologies and plans to launch among Dubai's ultra-wealthy, Joby is the frontrunner.

Naming a winner in this race is premature. Investors should continue to monitor Joby's progress with regulators. Both Joby and Archer still need to prove they can mass-produce their aircraft and turn a profit. The stakes are sky-high, but so is the potential upside if air taxis become a widespread mode of transportation.

Catie Hogan has no position in any of the stocks mentioned. The Motley Fool recommends Uber Technologies. The Motley Fool has a disclosure policy.