Electric aviation startup Beta Technologies has set a price range of $27 to $33 per share for its initial public offering, aiming to raise up to $825 million, according to a filing with the U.S. Securities and Exchange Commission. If the shares sell at the top of the range, the Vermont-based company would debut with a valuation of approximately $7.2 billion.
Founded in 2017 by CEO Kyle Clark, Beta Technologies has taken an unconventional path. Clark, a Harvard graduate and former professional hockey player turned pilot instructor, has chosen to operate from his Vermont hometown instead of Silicon Valley. The company has avoided venture capital, raising $1.15 billion from institutional investors including Fidelity and Qatar Investment Authority.
The IPO filing comes amid the U.S. government shutdown. The SEC recently allowed companies in IPO limbo to have certain statements, including share prices, automatically become effective after 20 days without full staff review. Other companies, such as Navan, have taken advantage of this rule to move forward with public offerings.
Last month, Beta Technologies announced a strategic partnership with GE Aerospace. The collaboration will see the two companies develop a hybrid-electric turbogenerator for next-generation aircraft. GE Aerospace has also agreed to invest $300 million in the company and take a stake as part of the deal.
Beta Technologies aims to lead in the electric aviation sector by focusing on sustainable aircraft solutions while avoiding the traditional venture capital path. The IPO is expected to provide capital to scale operations, expand research and development, and advance new electric aviation technologies.
The company’s growth strategy highlights the rising interest in electric aviation, as companies worldwide seek to develop cleaner, more efficient alternatives to traditional aircraft. By leveraging strategic partnerships and institutional funding, Beta Technologies positions itself as a potential leader in the emerging market.
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