Joby Aviation and Archer Aviation Race to Launch Electric Air Taxis – What Stock is Better?

TLDR

• Joby Aviation has secured exclusive air taxi operating rights in Dubai for six years, with Uber as its booking partner
• Both Joby and Archer Aviation are pursuing FAA approval for their electric vertical takeoff and landing aircraft
• Joby posted strong Q4 2025 earnings with better-than-expected revenue and lower cash burn
• Archer has a claimed $6 billion order backlog but is still burning through cash with no eVTOL revenue yet
• Both companies are partnering with Nvidia to develop autonomous flight technology

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Joby Aviation and Archer Aviation are two of the most watched names in electric air taxi development. Both are pushing toward commercial operations, but they are at different stages.

Joby has secured a deal to launch Dubai’s first commercial electric air taxi service. The company holds exclusive operating rights in the city for six years. Uber will handle bookings as part of the partnership.

Joby Aviation, Inc., JOBY

Dubai is expected to be the first city to formally integrate electric air taxis into its public transport network. Passenger services are expected to begin after regulatory and operational steps are completed.

In the US, Joby has hit a key certification milestone with the FAA. The company has also started earning its first ride revenues, marking a shift from pure development to early-stage commercial activity.

Joby’s Q4 2025 earnings report came in stronger than expected. Revenue was higher than analysts had forecast, and cash burn was lower than projected. This was seen as a positive sign by investors tracking the company’s path to profitability.

Archer Aviation Takes a Different Approach

Archer is not planning to operate its own fleet as air taxis. Instead, the company aims to manufacture and sell aircraft, with a claimed order backlog of $6 billion. It has set a target of producing 650 aircraft per year at scale.

Archer has also acquired Hawthorne Airport in Los Angeles. The company plans to use it as both a testing base and an eventual hub for operations in the region.

However, Archer has not yet generated revenue from its eVTOL business. The company continues to burn through cash as it works toward FAA certification. The timeline for first commercial revenues remains unclear.

Both Joby and Archer are working with Nvidia on autonomous flight technology. They are using Nvidia’s IGX Thor platform to develop the systems needed for eventual autonomous operations.

How the Two Stocks Compare

Joby’s current share price is around $9.89. Analysts have a consensus target of $12.56, putting the stock roughly 21% below that level. The stock has declined about 6.3% over the past 30 days despite the Dubai news.

Joby’s market cap stands at around $9.7 billion. Its 52-week range runs from $4.96 to $20.95, reflecting how volatile the stock has been over the past year.

Joby previously acquired helicopter ride-hailing and aerial delivery services from Blade in 2025. It also acquired Uber’s aerial division back in 2020. These moves helped build its operational foundation before launching commercial services.

Both stocks are described by analysts as speculative and high-risk. Neither company is profitable, and both face ongoing funding needs.

Joby’s stronger Q4 2025 financials and clearer path to near-term revenue have led some analysts to view it as better positioned than Archer for the years ahead.

The Dubai launch remains on track for 2026, pending the completion of remaining regulatory steps.

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